RE: Times Headline - Seize the Moment28 Jul 2020 08:55
An Aim-quoted diagnostics company whose fortunes have been transformed by the prompt launch of coronavirus tests has developed a series of new products in an attempt to sustain its rapid growth.
Novacyt said it had launched a mobile testing kit and a less invasive saliva sample type. It is also developing a respiratory testing system to distinguish between flu and coronavirus and has agreed a partnership to produce an antibody test to detect those who have had the virus.
It comes after the shares and sales of the company have soared after it positioned itself at the forefront of global efforts to develop polymerase chain reaction (PCR) tests for Covid-19. It has agreed multiple supply deals around the world and partnered with big pharma on a laboratory at the University of Cambridge.
Novacyt is headquartered and dual listed in Paris but the majority of its operations are in the UK, where it has a head office and manufacturing site in Camberley, Surrey. Primerdesign, the subsidiary it acquired in 2016 for £12.3 million and which is behind its test, is based near Southampton.
Novacyt said yesterday that a number of hospitals were using its new mobile test system for Covid-19 and it had begun pilots in several departments. The test is also being used by sports teams and the mining industry.
It has also launched a saliva sampling type that it said would be less uncomfortable for patients and is working with an unnamed partner who has developed a Covid-19 antibody test, which it hopes to launch in the fourth quarter of this year.