Rhinomed soars after company develops new virus nasal swab
Health & Biotech
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Rhinomed (ASX:RNO) shares have soared over 90 per cent to a six-month high after the airway technology company said it had created a less invasive nasal swab that could be self-administered to test for flu and “coronavirus strains”.
Rhinomed said on Tuesday it believed the new nasal swab had “compelling benefits over products currently on the market” and was unique in that it collected samples from both nostrils simultaneously.
It is more comfortable than standard nasopharyngeal swabs and can be self-administered easily, anywhere, reducing the risk of infection of healthcare workers.
“Rhinomed’s nasal swab is designed for self-collection either in the home, the workplace or in a clinical setting and is expected to respond to the significant issues that exist with current nasopharyngeal swabs which are reportedly both highly invasive and uncomfortable,” the Melbourne company said.
Rhinomed chief executive Michael Johnson said there’s increasing evidence that mass nasal testing could be a vital tool in managing infectious disease outbreaks.
The company is now scoping out manufacturing solutions and plans to register the device in Australia, the US and the European Union.
It has also begun defining the protocol for a clinical trial at a Melbourne hospital.
Rhinomed manufactures a number of products including nasal spray technology aimed at opening up breathing airways and improving sleep.
RNO shares closed on Tuesday at 14.5c, up 90.8 per cent from Monday and at their highest levels since early March.