(Alliance News) - Avacta Group PLC said Friday its AffiDX SARS-CoV-2 antigen lateral flow test has been registered in the EU, allowing the firm to place the product on the market in all 27 countries of the EU for professional use.
Shares in the developer of diagnostics and innovative cancer therapies climbed 11% to 243.45 pence in London after the news on Friday just before midday.
"Lateral flow antigen tests are intended to provide a cost effective and rapid means of identifying individuals with a high viral load that means they are more likely to infect others," Avacta explained.
The company said it is progressing multiple commercial opportunities with distributors and end users in Europe and believes this product registration is the key final step towards commercialisation.
Chief Executive Alastair Smith said: "We are delighted to receive confirmation of the registration of the AffiDX SARS-CoV-2 antigen test in the EU. The EU is an important market for us, and the product registration is a key commercialisation milestone.
"The results of the recent clinical evaluation of the test at a clinical site in Europe demonstrate the test has excellent sensitivity across a range of viral loads, which would be considered infectious. This excellent performance and ease of nasal sampling, coupled with the fact that the AffiDX test is has been developed in the UK, is based on UK technology and is manufactured in the UK, are huge selling points for customers in Europe."
On Monday, the test was confirmed in the UK.
By Paul McGowan; paulmcgowan@alliancenews.com
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Avacta Group (AVCT)