Last checked at 25 Mar 2021 12:11
25 March 2021
TT Electronics plc
Update on Virolens®, rapid COVID-19 screening device
TT Electronics plc ("TT") notes today's rise in the share price and provides an update on evaluation trials in the UK of Virolens®, a rapid COVID-19 screening device for which TT is the exclusive manufacturing partner.
TT understands that the Medicines and Healthcare products Regulatory Authority ("MHRA"), which is responsible for ensuring that medical devices meet applicable standards of safety, quality and efficacy, is in the final stages of registering Virolens for use and sale in Great Britain.
Revenues to TT from the sale of Virolens following final MHRA registration would be dependent on iAbra's potential end customers in Great Britain converting expressions of interest into firm orders.
A high proportion of the commercial interest in Virolens to date has been outside of Great Britain and any revenues resulting from this interest require further regulatory approvals in those territories.
There continues to be a wide range of potential commercial outcomes and hence no certainty as to the financial impact on TT.
TT will update the market on any further developments as appropriate.
For further information please contact: | ||
TT Electronics plc | Tel: +44 (0)1932 827 779 | |
Richard Tyson, Chief Executive Officer Mark Hoad, Chief Financial Officer Emma Darke, Head of Investor Relations and Communications | ||
MHP | Tel: +44 (0)20 3128 8100 | |
Tim Rowntree / Rachel Mann | ||
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Notes
Description of the Virolens screening device
The Virolens COVID-19 screening device uses microscopic holographic imaging and artificial intelligence (AI) software technology, developed by iAbra, to detect the presence of the COVID-19 virus from a non-intrusive saliva swab test in around 20 seconds.
iAbra
iAbra is a technology company founded in 2010 and headquartered in Bedfordshire, UK. It has been developing neural network image analysis software for 10 years with applications in autonomous driving already in production. Virolens is based on the new application of this existing technology and has been developed in partnership with TT and powered by Intel.
About TT Electronics
TT Electronics is a global provider of engineered electronics for performance critical applications.
TT solves electronics challenges for a sustainable world. TT benefits from enduring megatrends in structurally high-growth markets including healthcare, aerospace, defence, electrification and automation. TT invests in R&D to create designed-in products where reliability is mission critical. Products designed and manufactured include sensors, power management and connectivity solutions. TT has design and manufacturing facilities in the UK, North America, Sweden and Asia.
Cautionary statement
This trading update contains forward-looking statements. These have been made by the directors in good faith based on the information available to them up to the time of their approval of this update. The directors can give no assurance that these expectations will prove to have been correct. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward looking information, actual results may differ materially from those expressed or implied by these forward-looking statements. The directors undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.