TT Electronics PLC Virolens(R) registration received in Great Britain (5704T)
March 26 2021 - 02:00AM
UK Regulatory
TIDMTTG
RNS Number : 5704T
TT Electronics PLC
26 March 2021
26 March 2021
TT Electronics plc
Virolens (R) registration received in Great Britain
Further to the announcement on 25 March 2021, TT Electronics plc
("TT") confirms 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, has registered Virolens(R) for use and sale in Great
Britain and iAbra has been granted Certificates of Free Sale
("CFS").
This is a welcome milestone in the development of the Virolens
technology.
Virolens(R) is a rapid COVID-19 screening device for which TT is
the exclusive manufacturing partner.
Revenues to TT from the sale of Virolens following the MHRA
approval are 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 approval 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.
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
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 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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