Avacta shares up 18% on EU test approval

Shares of Wetherby-based diagnostics company Avacta Group plc rose another 18% on Friday after it announce that it has received notice of registration of its AffiDX SARS-CoV-2 antigen lateral flow test in the EU, allowing the company to place the product on the market in all 27 countries of the EU for professional use.

Avacta Group shares have risen about 100% in the past 12 months amid its work on Covid-19 tests to give it a current stock market value of around £650 million.

“Lateral flow antigen tests are intended to provide a cost effective and rapid means of identifying individuals with a high viral load that means they are more likely to infect others,” said Avacta.

“The clinical data for Avacta’s AffiDX SARS-CoV-2 antigen lateral flow test reported 20 April 2021, demonstrated 100% sensitivity for identifying infectious individuals with viral loads measured by PCR of Ct<27.

“Avacta has multiple ongoing commercial discussions with distributors and end-user customers in countries that accept the CE mark for in vitro diagnostic products.

“The product registration by a Competent Authority in the EU allows the company to sell the product in the EU for professional use.

“The company is progressing multiple commercial opportunities with distributors and end users in Europe and this product registration is the key final step towards commercialisation.”

Avacta Group CEO Alastair Smith said: “We are delighted to receive confirmation of the registration of the AffiDX SARS-CoV-2 antigen test in the EU.

“The EU is an important market for us, and the product registration is a key commercialisation milestone.

“The results of the recent clinical evaluation of the test at a clinical site in Europe demonstrate the test has excellent sensitivity across a range of viral loads, which would be considered infectious.

“This excellent performance and ease of nasal sampling, coupled with the fact that the AffiDX test is has been developed in the UK, is based on UK technology and is manufactured in the UK, are huge selling points for customers in Europe.

“Lateral flow tests have a crucial role to play in helping our societies and economies return to normal, and I am confident that the AffiDX test will now play a significant part in this process.”