Investors not convinced by Avacta news

AIM-listed diagnostics specialist Avacta (LON:AVCT) saw its share price plunge 21.04% to 106.99p (as of 15:15 GMT) despite announcing progress on its lateral flow COVID testing products. A scalable test device using common components and routine lab practices has shown sensitivity for coronavirus spike proteins.

CEO Alastair Smith commented: “I am delighted with the excellent progress that has been made with BBI Solutions in developing a scalable version of a lateral flow rapid SARS-CoV-2 antigen test with sensitivity in the expected clinical range for spike protein. BBI Solutions is an excellent development partner and I am particularly pleased at how well the teams are working together to shorten the timeline as much as possible without compromising quality.”