Novacyt announced an update regarding the novel coronavirus (COVID-19) test developed by Primerdesign, its molecular diagnostics division.
Following the completion of Public Health England’s (PHE) formal evaluation of Primerdesign’s COVID-19 test, as announced on March 12, 2020, the government agency has commenced ordering the test. Orders are initially for eight hospitals to provide stocks in those locations for four weeks of planned testing. The total value of the initial purchase is approximately £1.0 million (€1.1 million), which is the single largest order the Company has received to date for its COVID-19 test.
As of 13 March 2020, Primerdesign has sold and received orders for over £3.7 million (€4.3 million) of its CE-Mark and research use only (RUO) COVID-19 tests, which includes the order received from PHE. This represents approximately eight months of sales for the division under normal circumstances. This is additional revenue to the core Novacyt business.
Graham Mullis, Chief Executive Officer of Novacyt, commented: “We welcome Public Health England’s decision to use our COVID-19 test in the UK and I am delighted to see that Novacyt will now be supporting one of its home markets during these challenging times. The number of countries Novacyt is now supplying with its COVID-19 test has reached over 60 and we expect this will continue to increase. “The team at Novacyt and its key suppliers are working extremely hard to support clinicians around the world in the fight against this pandemic and, as a Chief Executive Officer, I am immensely proud of everyone’s commitment.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.