SourceBio International to expand US COVID-19 testing services

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SourceBio International PLC (LON:SBI) announced it will expand its laboratory operations in San Diego, California, to include COVID-19 qPCR testing services.

The division, based in the Torrey Pines Genomics hub of the US and home to the prestigious Scripps Research Center, will mirror that of the company’s set up in Nottingham, England, and is expected to be fully operational in the second quarter of 2021.

READ: SourceBio to take a key role in pilot government mobile COVID testing scheme

The provider of laboratory services and products said its existing San Diego facility currently houses Stability Storage Solutions and Genomics business units and the enhanced space is planned to have the capacity to process up to circa 5,000 samples per day with opportunities for continued growth. 

It added that it already has cGMP, HPRA and FDA accredited facilitates in the UK, Ireland and US for a global client base.

The increased laboratory capacity of 1,642 square feet will adhere to requirements and be fully compliant with guidelines from the US authorities and will employ additional staff onsite who will be needed to operate a 24/7 service.

The AIM-listed company said it expects to receive the necessary accreditation to begin processing samples within the planned timeframe.

“SourceBio has already processed approaching 1,000,000 COVID-19 antigen RT-PCR tests in the UK for the DHSC and the NHS, Private Hospital Groups and Commercial customers since first offering its service in May 2020,” said executive chairman Jay LeCoque in a release.

“This further investment in our San Diego facility increases our overall capacity to increase COVID-19 qPCR testing services by up to an additional 5,000 samples per day and means we can address the clear market demand for COVID-19 testing in the US.”

Analysts at Liberum said that this announcement offers scope for upgrades as we move through the year.

“The signing of a deal with a high street pharmacy chain in January and the more recent deal for Mitie’s Mobile testing units have raised our confidence in SourceBio’s ability to meet our 2021 forecasts that call for a quadrupling of underlying earnings (EBITDA),” they commented.

Shares surged 6% to 191p on Wednesday morning.

–Adds analyst comment, shares–

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