Related News10 Sep 2020 16:51
9.15am: TT Electronics jumps on launch of new saliva-based coronavirus test
TT Electronics PLC (TTG) shares shot 39% higher to 266p in early trading on Thursday after the company said it will be the exclusive manufacturer of a new coronavirus (COVID-19) screening device.
Designed by British start-up iAbra, with the support of chip giant Intel, the Virolens device uses microscopic holographic imaging and artificial intelligence software to detect the presence of the COVID-19 virus from a non-intrusive saliva swab test within 20 seconds.
TT said it has so far received £2mln of initial orders for the device and testing cartridges and iAbra has indicated its intent to purchase further devices and cartridges with associated revenue to TT of circa £280mln, following trials in partnership with initial customer Heathrow Airport ahead of expected wider use in airports, offices, sports venues and other locations.
Heathrow boss John Holland Kaye said iAbra’s test is “quicker, cheaper and potentially more accurate” than the government’s swab test and urged the government to fast-track the technology.