Rhinomed shares gain another 20pc, after 1 million Rhinoswab order from the Victorian government
Health & Biotech
Health & Biotech
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Victoria has followed New South Wales with an order for 1 million of Rhiomed’s (ASX:RNO) Rhinoswab, leading to another price surge for the ASX medtech stock.
The Rhinoswab technology aims to improve the sample collection process for PCR tests.
PCR tests are considered the gold standard for COVID-19 testing – more than 2 billion have been conducted worldwide and nearly 26 million in Australia.
With extensive testing, Rhinoswab has proven to be substantially more comfortable and easier to use than the standard nasal swab, while capturing a larger sample.
On August 11 it secured a contract with NSW Health Pathology for one million SARS-CoV-2 Rhinoswabs as part of the department’s program to support testing capability.
Today, approximately one month on it announced Victoria has placed its own 1 million order.
The company says this while the order details were confidential it represented approximately 35-45% of unaudited FY21 revenues which were $3.9 million.
“We are pleased to receive further validation of the Rhinoswab from the Victorian government,” said CEO Michael Johnson.
“The Rhinoswab can make a meaningful impact on the SARS-CoV-2 testing process and enable more people to be tested quickly and easily.
“There is a major opportunity for Rhinoswab to radically improve the testing process, clinical outcomes and user experience and we look forward to working with the Department of Health to deliver these outcomes.”
The company reminded shareholders it was registered with the US FDA, Australian TGA and had a European CE mark. It says it was developing an increasing sales pipeline and would update investors as further agreements occured.
Rhinomed shares rose 20% this morning.
They are up over 120% in the past month and over 400% in the past 12 months.