Every day there are more than 1 million sexually transmitted infections (STI) contracted, but biotech company Genetic Signatures (ASX: GSS) will play a key role in reducing those numbers, having secured regulatory approval in Europe for their testing kit which can simultaneously test for 10 of the most common STIs, rapidly.
The 3base™ EasyScreenTM STI Genital Pathogen Detection Kit has received CE-IVD registration which will allow the kit to be marketed freely throughout the European Union and the UK. This will allow for high-volume screening of STIs, including Chlamydia, Gonorrhoea, Syphilis and Trichomoniasis which are the world’s four most common and account for 376 million cases annually.
“This is the 5th 3base™ EasyScreenTM Detection Kit to attain CE-IVD registration, a significant achievement as we continue to execute on our global expansion strategy,” said Genetic Signatures CEO, John Melki.
“Sexually transmitted infections are a large and growing problem globally, and we are pleased to be able to provide a high throughput and accurate diagnostic solution to improve patient outcomes.”
The global testing market for just Chlamydia and Gonorrhoea is estimated to be worth USD $420 million each year with the infections having a significant impact on sexual and reproductive health.
The core functionality of the STI kit is similar to Genetic Signature’s COVID-19 detection kits which have been their core focus over the past six months. Just before Christmas, the Company reported a major US client with the Boston Medical Centre agreeing to purchase enough kits to run 1,000 COVID tests daily over the next two years.
Driven by their COVID testing kits, Genetic Signatures reported $18.7 million in revenue for the half-year ending 31 December 2020 which represented a 638% increase on the previous corresponding period.
An application for their STI testing kit was lodged to Australia’s TGA late last year and Genetic Signatures anticipates clearance soon.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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