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Biotech Firm Novacyt Introduces New Deals for COVID-19 Test Tools

Biotech Firm Novacyt Introduces New Deals for COVID-19 Test Tools

Biotechnology firm Novacyt Friday introduced deals for its “Primerdesign” product, which is aimed toward testing for the coronavirus currently disturbing China and other parts of the world.

Biotech Firm Novacyt Introduces New Deals for COVID-19 Test Tools

Novacyt stated it had signed its first major distribution settlement for the COVID-19 coronavirus test with a world life sciences firm to supply the check to two Asian territories outside China, sending its stocks to record peaks.

It added that initial sales, which are subject to local emergency use clearance, had been predicted to total 2.1 million pounds ($2.73 million) in the initial six months of the contract.

Novacyt further introduced a manufacturing contract with an anonymous U.S. healthcare company.

Novacyt’s success in its coronavirus test product has boosted the company’s shares – that are listed on both the Paris and London exchanges – to record peaks.

The shares were up by nearly 20% in early trade sessions in Paris, and the company’s share price has climbed over 800% on the Paris market since the beginning of this year.

Public labs are executing most of the testing on the coronavirus, but many corporations all over the world, such as Novacyt and others, are working on tests.

Thermo Fisher Scientific, GenScript Biotech and Co-Diagnostics have formed tests and are making moves to get them approved for medical use.

Roche is also distributing coronavirus tests built by Tib Molbiol of Berlin for research use on some of its tools while making a test of its own.

About the author

Melissa Arnold

Melissa Arnold

Professional translator of books and articles from French and German. Oxford doctorate, Professor of English, 3 years as editor of The Oxford Literary Review, published academic author, expert proofreader, editor and copywriter.