Health and Science

Biotech firm Novacyt's shares jump on coronavirus test update

Key Points
  • Novacyt marked a step forward in its plans to commercialize a test product for the new coronavirus.
  • Novacyt shares surged more than 30% in late session trading in Paris.

Biotechnology company Novacyt said on Monday that it had launched a 'CE-Mark' molecular test to help detect the coronavirus afflicting China, marking a step forward in Novacyt's plans to commercialize a product for the virus.

"I am very pleased to announce the launch of our COVID-19 CE-Mark test, which we believe is the first CE-Mark approved test for clinical diagnosis of the 2019 strain of the novel coronavirus," said Novacyt CEO Graham Mullis.

"As with our research use only test, it can produce a result in less than two hours, with the added efficiency of being able to transport the test at ambient temperatures eliminating the need for cold chain shipping," added Mullis.

Novacyt shares surged 30.9% in late session trading in Paris.