(Alliance News) - Avacta Group PLC on Tuesday said its SARS-CoV-2 rapid antigen test can identify patients with an infectious viral load with no false positive results.
Avacta shares climbed 19% at 184.00 pence each in London on Monday morning. The stock was trading at just 14.00p on March 18 last year, before the Covid-19 pandemic took hold in the UK.
The Wetherby, England-based pre-clinical stage biotechnology company said its received the first data from ongoing clinical studies in Europe and the UK.
On the basis of these results, the company will now progress to a full clinical validation with a larger number of patient samples to CE mark the test for professional use, aiming to bring the test to market in Europe around the end of the first quarter of this year.
Chief Executive Alastair Smith said: "These data from the first clinical studies will allow us to quickly progress with confidence into the full clinical validation of the test, manufactured at scale, at our clinical trial sites in the UK and the EU. I am confident that these data will accelerate our commercial discussions regarding the roll-out of the test when it is approved for professional use."
Avacta's SARS-CoV-2 rapid antigen test aims to identify infectious individuals so that they can isolate promptly and reduce the spread of Covid-19.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Avacta Group (AVCT)