Avacta and Cytiva to work on rapid COVID-19 test
(AIM:AVCT ) has entered into a collaboration with Cytiva, formerly known as GE Healthcare Life Sciences, to work on a point-of-care rapid screening test for COVID-19.
The AIM-listed developer of Affimer® biotherapeutics and reagents said the test will be able to diagnose the virus across large populations to track and ultimately limit infections.
The group’s efforts follow a recent statement by the World Health Organisation highlighting the need for the development of rapid tests as an alternative to existing laboratory-based tests, which can take up to several days to show results.
“There is a clear and urgent need for a test that can be carried out quickly in the community to limit the spread of the virus and track its progress,” said Dr Alastair Smith, CEO of Avacta.
Using affimer reagents that detect coronavirus, the two parties will develop and manufacture a test capable of diagnosing the infection in minutes using a respiratory sample such as saliva.
Shares in Avacta were trading 27.08% higher at 30.5p during Wednesday morning.
Avacta says a global technology partnership for a coronavirus diagnostic is “essential if a practical and commercial solution is to be provided to governments and healthcare providers.”
The group aims to have developed affimer reagents for a test by the end of May to be transferred to Cytiva and potentially other manufacturers to implement into a test strip.
Broker finnCap said the collaboration highlighted Avacta’s diagnostics capabilities as well as the potential to unlock significant near-term value.
The broker said it would make no changes to forecasts and target price, which remains at 76p a share, preferring instead to monitor progress ‘in the rapidly changing competitive landscape.’
Smith added, “Unfortunately, many millions of people around the world will ultimately become infected and it is likely to be an annual occurrence.
There is a clear and urgent need for a test that can be carried out quickly in the community to limit the spread of the virus and track its progress.”
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