The share price of TT Electronics (TTG) soared by over 45 percent as it announced the launch of the iAbra COVID-19 screening device.
Already with a market cap of over £200m prior to the announcement, TTG saw its market value rocket to a new all-time high (it’s been listed for over 20 years).
As announced yesterday, Heathrow airport has reportedly selected the test which can detect COVID-19 from a saliva swab test and deliver results within 20 seconds.
“Virolens has the potential to be a major step forward in dealing with the impact of the COVID-19 pandemic, by allowing safer access to places of work, transport and events. TT’s leading-edge products and flexible manufacturing capabilities provide significant support to critical aspects of the Virolens” device.
This programme also has the potential to deliver a step change in TT’s organic growth and to accelerate the achievement of our target operating margins. Assuming the launch is successful, there are significant opportunities around the world for further orders.”Richard Tyson, CEO of TT Electronics
TT Electronics today confirmed that healthcare professionals do not need to oversee the tests and confirmed that the first round of testing has been complete – but clinical trials are due to start to see it certified for medical use. TTG also noted the partnership with Heathrow airport.
Intel is also a development partner.
In addition to airports, it noted offices ,sports venues and other locations will be a target market. This is not a self-test, unlike the one that is being developed by Omega Diagnostics and the UK Rapid Test Consortium.
The test uses a $20,000 computer to detect the COVID-19 virus from saliva samples via microscopic holographic imaging and artificial intelligence.
Giving an insight to the commercial opportunity – TT Electronics confirmed that it has received initial orders for £2m for devices and testing cartridges but iAbra is reportedly expecting to purchase £280m worth of devices and cartridges. This is based on expressions of interest from more than a dozen customers.
After a spectacular rise upon the markets open, shares in TTG settled down a little to around a 30 percent rise.