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Singapore firm jumps as virus test kit approved for sale in EU

Biolidics Covid 19 rapid test kit. (PHOTO: Biolidics)
Biolidics Covid-19 rapid test kit. (PHOTO: Biolidics)

By Ishika Mookerjee

(Bloomberg) -- Shares of Biolidics Ltd., a Singapore-based medical device manufacturer, jumped on Monday as the firm said its rapid test kits for Covid-19 got approval for sale in the European Union.

Biolidics’s stock rose as much as 12% in early trading after the firm announced Monday that it received confirmation for a CE Marking on Friday. CE Marking is a notification process to a relevant authority which enables companies to market and sell rapid test kits in EU.

The medical technology company was incorporated in 2009, and specialises in medical applications and equipment for cancer treatment. In the past few days, a number of companies have unveiled rapid test kits to detect the coronavirus, which has infected around 1.3 million people globally and killed at least 69,000. Shanghai Fosun Pharmaceutical Group Co.’s Chief Executive Officer Wu Yifang has cautioned that such kits may not be as accurate as conventional kits.

“The results from the test is not to be used for confirmatory testing or as sole basis for diagnosis,” Biolidics said in the statement. “The results will have to be interpreted together with clinical presentation and are to be confirmed with supplementary testing.”

The company’s shares have shot up more than 40% from a low on March 18. It has a market capitalisation of S$70.3 million ($49 million).

© 2020 Bloomberg L.P.