The coronavirus outbreak is providing a ‘boon’ for tiny, dual-listed Paris based firm Novacyt (NCYT:AIM) which has developed a novel test for the virus.
The shares, up a staggering 220% since 29 January, added another 18% today to 48p, as it updated the market on current developments.
CE-MARK AND FDA APPROVAL
Since launch on 31 January, the company has received orders for 33,000 tests and requests for a further 32,000 quotations from around 30 countries.
The company will launch a CE-Mark approved NCoV test commencing the week of 17 February, which means the test can be used for clinical diagnostic testing.
The firm has also applied to the US Food and Drug Administration (FDA) for so called Emergency Use Approval (EUA) for its test kit. This would allow US laboratories to use the test on a temporary basis.
Novacyt is also in discussions with NHS hospitals and Public Health England and has already sold a limited number of tests for ‘validation purposes’.
UNIQUE PROPERTIES
What’s different and novel about the nCoV test developed by the company is its ability to detect only the 2019 strain of the virus, removing the risk of false diagnosis. Another attraction of the test is the quick turnaround, providing results in under two-hours, which could be crucial in stopping the spread of the virus.
While the company hasn’t provided any financial metrics regarding the value and profitability of the test, investors seem more preoccupied with sales momentum.
