Shares in a Manchester-based molecular diagnostics company rocketed by more than 80% after it issued an update on its new Covid-19 testing kit.
Genedrive confirmed to the London Stock Exchange this morning that it has submitted its new point of core molecular test for SARS-CoV-2 detection for CE-IVD certification.
The company said its kit "offers a step change" in rapid molecular testing, delivering positive results as quickly as 7.5 minutes and negative results at 17 minutes.
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Following the update, shares in the firm jumped to their highest point since early September.
Chief executive David Budd said: "I am delighted to say that development work from the company has resulted in designing and delivering a product with excellent performance specifications and a speed to result that is a new benchmark.
"The new Genedrive Cov19-ID Kit combines the speed and ease of lateral flow testing with molecular level accuracy in a low cost and portable device.
"We are now able to progress the commercial evaluations of the product to selected partners and given its performance in our studies, we believe there remain substantial market opportunities that can be targeted.
"As recent news of the Omicron variant demonstrates, Covid-19 remains a significant issue in global health and thus rapid and accurate testing will remain a critical tool in managing the spread of the virus."
