Biotech company Genetic Signatures (ASX: GSS) is poised to play a major role in flattening the curve of coronavirus cases in Australia after the Therapeutics Goods Association (TGA) approved their SARS-CoV-2 Detection Kit for sale in Australia.
Regulatory approval in Australia follows authorisation which was granted in Europe 10 days ago with Genetic Signatures able to move quickly on the pandemic, having already undertaken extensive research into respiratory pathogens prior to the outbreak of COVID-19.
“We thank the TGA for moving so quickly and the opportunity to support the important national and international effort to rapidly and accurately test, treat and contain the spread of coronavirus throughout the community,” said Genetic Signatures CEO, Dr John Melki.
“This registration comes at an important time with the onset of the domestic flu season approaching.”
The company’s EasyScreen™ Respiratory Pathogen Detection Kit is already in use by some domestic testing labs with the kit able to detect 14 common respiratory pathogens. Genetic Signatures are now in discussions with more labs that have expressive interest in their kits.
Once samples have been taken from patients, they are then processed by Genetic Signature’s highest throughput instrument, GS-1000, which can process approximately 1,500 samples per 24 hours.
The EasyScreen™ SARS-CoV-2 Detection Kit was developed using Genetic Signatures’ 3base™ platform technology which was invented to recognise common nucleic acid mutations. The platform provides hospitals and pathology labs to screen for infectious pathogens, with a high degree of specificity, in a rapid throughput environment.
Whilst the coronavirus pandemic has wreaked havoc through global markets, Genetic Signatures is one of the rare ASX-listed companies to have risen significantly with GSS shares starting 2020 at $1.03 before reaching an intra-day high of $2.05 following news of today’s TGA approval.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
Latest posts by Alfred Chan (see all)
- Harris Technology to expand refurbished tech division amid rising demand from cost-conscious Australians - April 30, 2025
- Harris Technology secures major investment from Taiwan’s FSP Technology at 100% premium - March 10, 2025
- ARC Funds acquires 30% of auzbiz Capital as latest direct-to-investor marketing venture - October 8, 2024
Leave a Comment
You must be logged in to post a comment.