(Bloomberg) -- Shares of Biolidics Ltd. jumped as the Singapore-based medical device manufacturer said its rapid test kits for Covid-19 were approved for sale in the European Union.
The stock rose as much as 12% in early trading after the firm announced on Monday that it received confirmation for CE marking on Friday. CE marking is a notification process to authorities which enables companies to market and sell products in the EU.
The medical technology company was incorporated in 2009, and specializes 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.
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Results from the test are “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 capitalization of S$70.3 million ($49 million).
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