Sensyne Health PLC (LON:SENS) shares gained 6.39% as it inked an exclusive licence and development agreement with Excalibur Healthcare Services, for the use of its MagnifEye system for use with Excalibur's proprietary lateral flow rapid COVID-19 diagnostic tests.
Excalibur’s antigen test has out-performed other competing tests in recent trials with its speed, sensitivity and reliability.
The test is approved by the UK regulator for mass population screening in symptomatic and asymptomatic people.
Additionally, Excalibur will integrate MagnifEye into its products for global marketing to customers in both the public and private sectors. Sensyne will receive royalties on each test result, with a minimum guaranteed contract value.
In the future, Excalibur will potentially use MagnifEye in other diagnostic tests for serology, cancer and other disease conditions.
"Through our laboratories in Cambridge, we have been working with Sensyne to optimise the application of MagnifEye with our rapid antigen COVID test,” said Professor Sir Chris Evans, Excalibur chief executive.
“The combination has significantly increased the sensitivity of the test and we believe makes it the most advanced and accurate antigen lateral flow test in the worldwide market today.
“This is another triumph for UK science and technology.”
Sensyne chief executive Lord Drayson, meanwhile, added: "The combination of Sensyne's clinical AI technology and Excalibur's test will, we believe, provide the most accurate diagnostic lateral flow test available in the world today.
“This agreement reflects the UK's leadership position and expertise in life science and data science and underlines Sensyne's expertise in putting the AI inside a growing range of innovations.
“With increasing global demand for rapid, easy to use diagnostic testing across a range of conditions, this agreement has the potential to create significant value from this fast growing US$6bn market.
“Sir Chris's team at Excalibur has been established for more than 20 years and we are delighted to be working with them."