BATM develops diagnostics Kit for COVID-19 coronavirus
shares jumped on Thursday after announcing it has developed a new diagnostics kit to detect the COVID-19 coronavirus.
The technology provider for networking and medical laboratory systems said the kit has undergone testing by several central laboratories and hospitals that verified its ability to diagnose COVID-19.
The London-listed firm told investors in a press release that it has already received interest from customers in several countries, and has started production of the kit at its Adaltis facility in Rome.
The company said the kit supports all the Centers for Disease Control and Prevention (CDC) recommendations, and that it is working with academic and research institutions, predominantly in Europe, to make the kit at a price point suitable for large scale production.
Shares in BATM jumped 24.58% to 50.95p during Thursday morning trading
Dr Zvi Marom, Chief Executive Officer of BATM, commented: "We believe that the strategy we adopted in our Bio-Medical division is proving to be correct, especially in light of the current COVID-19 outbreak. We are able now to quickly provide diagnostic kits for any new pathogen that appears.”
BATM’s Bio-Medical division developed the diagnostics kit to detect COVID-19. The division accounted for 52% of its total revenues in 2018.
Last year’s 2018 results saw BATM report revenue of $119.6 million and profits of $34.5 million.
BATM said COVID-19 will be included within its Ador suite of testing kits as part of its travel panels, with laboratory bench tests expected to commence imminently.
Dr. Marom said: "we have already received extremely positive feedback and significant interest from several leading medical institutions that have started testing the first panel of Ador's NATlab solution and adding COVID-19 will greatly strengthen its appeal and value"
The company’s 2019 full year results are to be released on 4 March 2020.
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