TT Electronics PLC Virolens(R) registration received in Great Britain (5704T)

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RNS Number : 5704T

TT Electronics PLC

26 March 2021

26 March 2021

TT Electronics plc

Virolens (R) registration received in Great Britain

Further to the announcement on 25 March 2021, TT Electronics plc ("TT") confirms that the Medicines and Healthcare products Regulatory Authority ("MHRA"), which is responsible for ensuring that medical devices meet applicable standards of safety, quality and efficacy, has registered Virolens(R) for use and sale in Great Britain and iAbra has been granted Certificates of Free Sale ("CFS").

This is a welcome milestone in the development of the Virolens technology.

Virolens(R) is a rapid COVID-19 screening device for which TT is the exclusive manufacturing partner.

Revenues to TT from the sale of Virolens following the MHRA approval are dependent on iAbra's potential end customers in Great Britain converting expressions of interest into firm orders.

A high proportion of the commercial interest in Virolens to date has been outside of Great Britain and any revenues resulting from this interest require further regulatory approval in those territories.

There continues to be a wide range of potential commercial outcomes and hence no certainty as to the financial impact on TT.

 
 For further information please 
  contact: 
 TT Electronics plc                                           Tel: [phone] 
 Richard Tyson, Chief Executive Officer 
  Mark Hoad, Chief Financial Officer 
  Emma Darke, Head of Investor Relations and Communications 
 
 MHP                                                          Tel: [phone] 
 Tim Rowntree / Rachel Mann 
 
 
 

Notes

Description of the Virolens screening device

The Virolens COVID-19 screening device uses microscopic holographic imaging and artificial intelligence (AI) software technology, developed by iAbra, to detect the presence of the COVID-19 virus from a non-intrusive saliva swab test in around 20 seconds.

iAbra

iAbra is a technology company founded in 2010 and headquartered in Bedfordshire, UK. It has been developing neural network image analysis software for 10 years with applications in autonomous driving already in production. Virolens is based on the new application of this existing technology and has been developed in partnership with TT and powered by Intel.

About TT Electronics

TT Electronics is a global provider of engineered electronics for performance critical applications.

TT solves electronics challenges for a sustainable world. TT benefits from enduring megatrends in structurally high-growth markets including healthcare, aerospace, defence, electrification and automation. TT invests in R&D to create designed-in products where reliability is mission critical. Products designed and manufactured include sensors, power management and connectivity solutions. TT has design and manufacturing facilities in the UK, North America, Sweden and Asia.

Cautionary statement

This update contains forward-looking statements. These have been made by the directors in good faith based on the information available to them up to the time of their approval of this update. The directors can give no assurance that these expectations will prove to have been correct. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward looking information, actual results may differ materially from those expressed or implied by these forward-looking statements. The directors undertake no obligation to update any forward-looking statements whether as a result of new inf ormation, future events or otherwise.

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March 26, 2021 03:00 ET (07:00 GMT)