AIM-listed medical firm’s shares jump after UK approves rapid Covid-19 test

Avacata, an AIM-listed medical diagnostics and therapies firm, today received UK regulator approval for its rapid Covid-19 lateral flow test.

Shares in the Yorkshire-based company increased more than five per cent to close at 252p this evening

The Medical products Regulatory Agency (MHRA) approved the product’s use, clearing the way for it to be brought to market.

The test was produced in partnership with Mologic, a developer of lateral flow and rapid diagnostic technologies.

Avacata says it is in “multiple” ongoing discussions with distributors and customers in countries where the test can be used. Chief executive Alastair Smith described the announcement as a “transformative milestone” for the company.