TT Electronics plc (LON:TTG) has noted today’s rise in the share price and provides an update on evaluation trials in the UK of Virolens®, a rapid COVID-19 screening device for which TT is the exclusive manufacturing partner.
TT understands that the Medicines and Healthcare products Regulatory Authority (“MHRA”), which is responsible for ensuring that medical devices meet applicable standards of safety, quality and efficacy, is in the final stages of registering Virolens for use and sale in Great Britain.
Revenues to TT from the sale of Virolens following final MHRA registration would be dependent on iAbra’s potential end customers in Great Britain converting expressions of interest into firm orders.
A high proportion of the commercial interest in Virolens to date has been outside of Great Britain and any revenues resulting from this interest require further regulatory approvals in those territories.
There continues to be a wide range of potential commercial outcomes and hence no certainty as to the financial impact on TT.
TT Electronics will update the market on any further developments as appropriate.
