Axis-Shield Plc (ASD.L), a UK-based provider of in-vitro diagnostic tests and equipment, Monday stated that the company has reached a deal with Illinois-based healthcare firm Abbott Laboratories (ABT) to develop and commercialize a haemoglobin, or HbA1c, immunoassay to run on Abbott's Architect analyzer system.
The test is designed to monitor treatment efficacy in diabetes patients. The test will incorporate Axis-Shield's technology from its Dundee plant research.
Axis-Shield said that its R&D group has already developed a proprietary HbA1c test under the AxSYM xtra program, allowing measurement of this marker on Abbott's AxSYM immunoassay system.
Axis-Shield also stated that an International Expert Committee of diabetes specialists has recently recommended the marker to be used as a front line test to diagnose diabetes in laboratories for appropriate patients. Representatives from the American Diabetes Association, the European Association of Diabetes and the International Diabetes Federation were included in the Committee.
Commenting on the deal, Ian Gilham, Chief Executive Officer of Axis-Shield, stated, "The agreement with Abbott to provide this important diagnostic test on its state-of-the-art ARCHITECT system complements our previous development of an HbA1c assay for AxSYM. The HbA1c test is already available on our Afinion and NycoCard point-of-care systems and represents a significant and rapidly growing revenue generator for Axis Shield, and we are well placed to capitalise on the growing demand for this important analyte."
ASD.L is trading at 410 pence, up 8.50 pence or 2.12%, on a volume of 3,521 shares.
ABT closed Friday's trading at $52.73, up $0.45, on a volume of 5.58 million shares.
For comments and feedback: editorial@rttnews.com