Australian medical diagnostics firm INOVIQ rises on streamlining ops

Inoviq

25/11/2022 03:06

** Shares of medical diagnostic devices maker INOVIQ Ltd
 IIQ.AX  rise as much as 6.5% to A$0.575, their best intraday
gain since Nov. 11 
    ** Says its U.S. subsidiary will now have a commercial focus
on expanding research and development collaborations and
securing commercial partnerships for EXO-NET and hTERT, both
used to test for different types of cancers 
    ** Adds that it will now take over the distribution of hTERT
to sell directly to laboratory customers in the U.S., as opposed
to via a third-party distributor, as it has done historically 
    ** EXO-NET-related research, development and manufacturing
now centralised to its upgraded Australian facility where it can
undertake larger-scale production
    ** Centralising its R&D in Australia also expected to
increase access to Australia's R&D tax incentive scheme 
    ** Trading volumes near twice the 30-day average, with about
80,000 shares traded so far 
    ** IIQ down 54.8% YTD, as of last close 
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))