Novacyt to expand its product portfolio
Novacyt (AIM:NCYT), the specialist in clinical diagnostics, saw a 3% jump in its share price on Wednesday after the company provided an update on the progress of its research and development programmes.
With a Novacyt share price of 704.59p, Novacyt confirmed the expansion of its product portfolio, clinical trial activity and the publication of independent validation of the company’s Covid-19 tests.
The announcement is positive news for Novacyt shareholders after shares in the company dropped by over 40% in the last month.
Novacyt will look to address the rapidly evolving diagnostics market by expanding its Covid-19 portfolio to include a range of tests, with the aim of targeting new variants at a faster speed.
The company also confirmed it has successfully completed a clinical trial of rapid testing in care homes at Queen Mary University of London, as well as initiating the variant diagnostic surveillance study in the UK, US and Latin America.
Graham Mullis, chief executive of Novacyt, reasserted the company’s focus, while confirming upcoming announcements regarding long-term plans.
“Novacyt remains focused on leveraging its innovative reputation and position in the rapidly changing COVID-19 testing market to continue to deliver value and support clinicians and laboratories in a global setting,” said Mullis.
“Of note, following its launch, our PROmate™ test has been well received by users and opens up new opportunities for rapid PCR testing, including in private testing markets. In addition, we look forward to presenting exciting long-term plans for Novacyt during Q2 this year as we continue to define our strategy for delivering sustainable, long- term growth.”
Novacyt shares jumped more than 45% in March after it received approval from the U.S. Food & Drug Administration (FDA) for it’s COVID-19 testing kits.