TT Electronics PLC Update on Virolens (5211T)
March 25 2021 - 7:11AM
UK Regulatory
TIDMTTG
RNS Number : 5211T
TT Electronics PLC
25 March 2021
25 March 2021
TT Electronics plc
Update on Virolens (R) , rapid COVID-19 screening device
TT Electronics plc ("TT") notes today's rise in the share price
and provides an update on evaluation trials in the UK of
Virolens(R), a rapid COVID-19 screening device for which TT is the
exclusive manufacturing partner.
TT understands that the Medicines and Healthcare products
Regulatory Authority ("MHRA"), which is responsible for ensuring
that medical devices meet applicable standards of safety, quality
and efficacy, is in the final stages of registering Virolens for
use and sale in Great Britain.
Revenues to TT from the sale of Virolens following final MHRA
registration would be dependent on iAbra's potential end customers
in Great Britain converting expressions of interest into firm
orders.
A high proportion of the commercial interest in Virolens to date
has been outside of Great Britain and any revenues resulting from
this interest require further regulatory approvals in those
territories.
There continues to be a wide range of potential commercial
outcomes and hence no certainty as to the financial impact on
TT.
TT will update the market on any further developments as
appropriate.
For further information please
contact:
TT Electronics plc Tel: +44 (0)1932 827 779
Richard Tyson, Chief Executive Officer
Mark Hoad, Chief Financial Officer
Emma Darke, Head of Investor Relations and Communications
MHP Tel: +44 (0)20 3128 8100
Tim Rowntree / Rachel Mann
(1)
Notes
Description of the Virolens screening device
The Virolens COVID-19 screening device uses microscopic
holographic imaging and artificial intelligence (AI) software
technology, developed by iAbra, to detect the presence of the
COVID-19 virus from a non-intrusive saliva swab test in around 20
seconds.
iAbra
iAbra is a technology company founded in 2010 and headquartered
in Bedfordshire, UK. It has been developing neural network image
analysis software for 10 years with applications in autonomous
driving already in production. Virolens is based on the new
application of this existing technology and has been developed in
partnership with TT and powered by Intel.
About TT Electronics
TT Electronics is a global provider of engineered electronics
for performance critical applications.
TT solves electronics challenges for a sustainable world. TT
benefits from enduring megatrends in structurally high-growth
markets including healthcare, aerospace, defence, electrification
and automation. TT invests in R&D to create designed-in
products where reliability is mission critical. Products designed
and manufactured include sensors, power management and connectivity
solutions. TT has design and manufacturing facilities in the UK,
North America, Sweden and Asia.
Cautionary statement
This trading update contains forward-looking statements. These
have been made by the directors in good faith based on the
information available to them up to the time of their approval of
this update. The directors can give no assurance that these
expectations will prove to have been correct. Due to the inherent
uncertainties, including both economic and business risk factors
underlying such forward looking information, actual results may
differ materially from those expressed or implied by these
forward-looking statements. The directors undertake no obligation
to update any forward-looking statements whether as a result of new
inf ormation, future events or otherwise.
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END
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