(Alliance News) - Shares in Abingdon Health PLC took a dive on Monday after it announced that the sensitivity of Avacta Group PLC's Covid lateral flow test is reduced when identifying the Omicron variant.
Abingdon Health's stock was down 20% at 22.75 pence in London, while Avacta fell 26% to 85.95p.
Rapid test manufacturer Abingdon and biopharmaceutical firm Avacta revealed that the sensitivity of their AffiDX lateral flow test is reduced at lower viral loads when identifying the Omicron variant, compared to the test's sensitivity with previous variants.
Avacta explained that the cause for the lower sensitivity of the test is the antibody with which the company Affimer is paired. As such, Avacta has paused sales of the antigen test, as it works to replace the antibody in the product to improve its performance.
Abingdon said its scientists will work with Avacta to "accelerate the process of replacing the antibody" in the current test.
By Will Paige; willpaige@alliancenews.com
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Avacta Group (AVCT)
Abingdon Healt. (ABDX)