IP Group Says Oxford Nanopore Teams With UK Government For Covid Test

(Alliance News) - IP Group PLC on Monday said its investee Oxford Nanopore Technologies Ltd has ...

Alliance News 3 August, 2020 | 9:13AM
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(Alliance News) - IP Group PLC on Monday said its investee Oxford Nanopore Technologies Ltd has secured an agreement with the UK Department of Health & Social Care to roll out its novel LamPORE test.

IP Group holds a 16% stake in Oxford Nanopore Technologies.

The FTSE 250-listed intellectual property investor said that under the agreement, an initial 450,000 LamPORE SARS-CoV-2 tests will be made available for use by a number of NHS testing laboratories.

IP Group said the partnership with the UK government will support the UK's efforts to manage the reduction of Covid-19 and containment of new cases, adding that there is the potential to build to millions of tests per month. It highlighted that results from the test can be obtained in under two hours.

"The roll-out of LamPORE, the company's first diagnostic assay, is a significant development for Oxford Nanopore and in the battle against Covid-19 in the UK. We are proud that Oxford Nanopore has been supplying countries all over the world with sequencing capability throughout this pandemic to help support the response to the crisis," said IP Group Chief Executive Alan Aubrey.

The stock was trading 11% higher at 74.00 pence each on Monday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
IP Group PLC 82.20 GBX -0.48 -

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