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Shares in Covid-19 testing kit maker rocket amid Omicron聽variant uncertainty

The company recently said it was 'too late' to launch its Covid-19 test

Genedrive is headquartered in Manchester

Shares in a Manchester-based molecular diagnostics company rocketed by more than 80% after it issued an update on its new Covid-19 testing kit.

Genedrive confirmed to the London Stock Exchange this morning that it has submitted its new point of core molecular test for SARS-CoV-2 detection for CE-IVD certification.

The company said its kit "offers a step change" in rapid molecular testing, delivering positive results as quickly as 7.5 minutes and negative results at 17 minutes.

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Following the update, shares in the firm jumped to their highest point since early September.

Chief executive David Budd said: "I am delighted to say that development work from the company has resulted in designing and delivering a product with excellent performance specifications and a speed to result that is a new benchmark.

"The new Genedrive Cov19-ID Kit combines the speed and ease of lateral flow testing with molecular level accuracy in a low cost and portable device.