22nd May 2020 10:43
(Alliance News) - IP Group PLC on Friday said its portfolio company Oxford Nanopore Technologies Ltd is in advanced development of a new Covid-19 detection test.
IP Group holds a 16% stake in Oxford Nanopore Technologies, which is an Oxford University spin-out focused on nanopore-based electronic molecular analysis systems.
The intellectual property commercialisation company said Oxford Nanopore's new LamPORE assay is designed to be rapid-low-cost and scalable, allowing it to cater to either very small samples or a larger number of samples.
IP Group highlighted that the test is the first to be developed by the company intended for use in diagnostic applications, adding that it is currently working to secure approvals.
"Oxford Nanopore has been supplying countries all over the world with sequencing capability throughout this pandemic and it's exciting to see the first diagnostic assay developed in-house, using their expertise, technology and networks to help support the response to this crisis. Since the first emergence of the virus, Oxford Nanopore's rapid, portable sequencing technology has been used extensively for Covid-19 epidemiology and scientific research," said IP Group Chief Executive Alan Aubrey.
IP Group stock was trading 3.6% higher at 60.00 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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