The Genetic Signatures Ltd (ASX: GSS) share price is edging higher today. This comes after the company announced that it received CE-IVD registration for its 3base EasyScreen sexually transmitted infection (STI) Genital Pathogen Detection Kit.
CE-IVD refers to an approved CE Marking from the European Union for an in vitro diagnostic (IVD) device. This allows the product to be commercially sold within Europe.
What's driving the Genetic Signatures share price higher
The Genetic Signatures share price is back positive territory as investors jump on the company's latest news. Originally, the company's shares were sliding lower on the back of overall weak market sentiment.
According to its release, Genetic Signatures advised its STI test kit will be marketed towards Europe and the United Kingdom. This follows the recent granting of the CE-IND mark on the 3base EasyScreen detection device.
The company noted that its product can identify 10 of the most common STI's on the one device.
It's estimated that around 1 million STI's are contracted daily world wide, having a detrimental effect on sexual and reproductive health. Four of the most common infections (Chlamydia, Gonorrhoea, Syphilis, and Trichomoniasis) account for over 376 million cases each year.
Genetic Signatures stated that the addressable market opportunity for Chlamydia and Gonorrhoea alone is worth US$420 million per annum. This number is predicted to grow at a rate of 7% every year, reflecting a lucrative sector.
What did the CEO say?
Genetic Signatures CEO, Mr. John Melki, hailed the favourable outcome, saying:
This is the 5th 3base EasyScreen Detection Kit to attain CE-IVD registration, a significant achievement as we continue to execute on our global expansion strategy. Sexually transmitted infections (STI's) are a large and growing problem globally, and we are pleased to be able to provide a high throughput and accurate diagnostic solution to improve patient outcomes.
Our Company continues to work on new products and enhancing current product offerings even while we meet the substantial demand for our EasyScreen SARS-CoV-2 Detection Kits.
About the Genetic Signatures share price
Over the past 12 months, the Genetic Signature share price has doubled in value, gaining 104% for investors.
The company's shares hit a low of 90 cents in March after COVID-19 sent economic shockwaves across the world. In the following months, the Genetic Signatures share price rose to an all-time high of $2.94 in July.
