Join our daily newsletter At The Bell to receive exclusive market insights
- Genetic Signatures (GSS) has signed a supply agreement for its COVID-19 detection kits with North American customer Boston Medical Centre (BMC
- With further testing kits, BMC will be able to expand its testing capacity
- Target volumes are for 1000 patient samples per day over the next two years, however, there is no minimum purchase number
- If the target is met, it will significantly contribute to Genetic’s revenue
- On the market this afternoon, Genetic is up 16.8 per cent and trading at $1.99 per share
Genetic Signatures (GSS) has signed a new supply agreement for its COVID-19 detection kits with North American customer Boston Medical Centre (BMC).
The new agreement will allow BMC to expand its testing capability and was signed during a challenging phase of the COVID-19 pandemic in the United States.
BMC is a highly regarded hospital and medical centre in Boston, Massachusetts
Target volumes are for 1000 patient samples per day over the next two years, however, there is no minimum purchase number.
Under the deal, Genetics will provide its EasyScreen coronavirus test kits and the instruments needed for testing.
The first order of US$227,000 (around A$300,000) has been received and will be invoiced this month.
Notably, the COVID-19 pandemic is uncertain and may influence the number of kits purchased, although if the company achieves the target it will significantly contribute to its revenue.
CEO Dr John Melki says this agreement is a major milestone for Genetic.
“As COVID-19 remains a challenge in North America, wide-spread testing remains key to managing the spread of the disease,” he said.
“Genetic Signatures remains focused on both growing its global reputation as a leading molecular diagnostics company, and the provision of reliable and accurate diagnostic solutions,” he added.
On the market this afternoon, Genetic is up 16.8 per cent and trading at $1.99 per share at 2:23 pm AEDT.
