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Avacta Group PLC - developer of cancer immunotherapies - Generates several highly specific Affimer reagents for a Covid-19 antigen rapid test. To use reagents for developing a laboratory test for the SARS-COV-2 virus antigen within the next few weeks. Reagents will also be used to develop a point-of-care test strip.
Sharecast News) - Avacta Group said on Wednesday that, in four weeks and "well ahead" of schedule, it had successfully generated multiple 'Affimer' reagents that bound the SARS-COV-2 viral antigen as part of the collaboration with Cytiva - formerly GE Healthcare Life Sciences - to develop an Affimer-based rapid test for the Covid-19 coronavirus infection.
The AIM-traded firm said the process of generating new Affimer reagents to detect the SARS-COV-2 viral antigen was started in mid-March, shortly before the company announced its collaboration with Cytiva.
It said multiple highly specific Affimer binders had now been generated, that bind to the spike proteins of the SARS-COV-2 virus and did not cross-react with other "very closely related" viruses, such as SARS and MERS.
Those Affimer reagents would be characterised by Avacta, with the aim of developing a laboratory test for the SARS-COV-2 virus antigen within the next few weeks.
It said the Affimer binders would also be transferred to Cytiva shortly for implementation in a point-of-care test strip, similar in appearance to a pregnancy test, giving a visual read-out in minutes using a sample such as saliva.
Avacta said it owned the intellectual property relating to the SARS-COV-2 Affimer reagents, and retained all commercial rights.
It was in active discussions with other global diagnostic companies to develop Affimer-based Covid-19 antigen tests, to increase high-throughput testing capacity on a worldwide scale.
"The speed with which highly specific Affimer reagents can be generated is just one of the many significant advantages of the technology," said chief executive officer Dr Alastair Smith.
"I would like to publicly thank Avacta colleagues who have worked long hours and weekends to make astounding progress and generate Affimer reagents against a novel virus in only four weeks and well ahead of schedule.
"The need for rapid antigen tests to diagnose Covid-19 infection that can be mass produced for rapid, professional screening of large populations, and for self-testing by consumers themselves, is crucial to limiting and tracking the spread of this disease."
Avacta said antigen testing would also be critical to lockdown exit strategies around the world in order to get healthy, non-contagious people back to work to reboot economies, adding there would be an ongoing need for several years for antigen testing as the disease recurred.
"We have made an excellent start to our collaboration with Cytiva and we expect to shortly be able to provide Affimer reagents to Cytiva to implement on their rapid test strip technology.
"I very much look forward to updating the market on progress with Cytiva and on other commercial partnerships in relation to coronavirus testing that we are pursuing."
At 1448 BST, shares in Avacta Group were up 25.45% at 69p.
An opinion,
This share price has risen to date 725% in approximately 6 weeks.
Great result in terms of movement. NYCT moved approx 5000% (most would agree Avacta has a lot more long term potential, over NYCT and GDR)
GDR has recently had high share price movement - generally on expectancy of news of a test. The market cap is lower and therefor share price is affected by this.( will go higher with fewer trade) Will news of Avacta releasing a useable test affect this...? Probably. Government policy will play a key part in this also.
Nyct- First test to market- certainly not the best product, however its what is available at present. When Avcta or Genedrive launch with their potentially suitable products, and Government supports a 10 minute easy to use test kit, NYCT will be affected by this. The test kits will certainly help the whole world in terms of movement.
Avacta- As we have been notified, the affirmers work with Covid 19. The test strips are currently being created by CYTIVA. If the affirmers work on the strip ( which is likely) the strips will go into production dependant upon orders. However, the Covid test is just part of Avactas product arsenal, certainly a lot more on the horizon for this company.
To offer my opinion on the below
"Whats are the thoughts on Avacta vs GDR. Do we see space for both of them being successful in this space or does the success for one detract from the other."
GDR Vs AVACTA
Room for both- both test will assists in different markets ie medical field and home test.
Government and Medical approvals will dictate the success of both.
Production will be key - Cytiva for AVCT
AVCT had other platforms to follow after the success of their strip.
Timing and patience is everything. anticipate the drops and the rises.
GLA
Hi Rk,
The support is .98 look for the spike on the 10-15 minute chart.
Upward trend is here, next resistance is 120ish.
However as you say, positive news will likely blow through this.
A lot of shares have been traded yesterday evening. Steady and sustained rise is very good news for this share and company long term shareholders.
Gla