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Novacyt share price jumps following R&D update

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. 

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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.