Australia's Rhinomed at almost 2-year high on nasal swab supply deal

Rhinomed

11/08/2021 02:32

** Shares of Rhinomed Ltd  RNO.AX  rise as much as 50% to
A$0.3, their highest level since Sept. 27, 2019
    ** The medical device maker says it is supplying New South
Wales Health Pathology with 1 million Rhinoswabs, co's nasal
swab for COVID-19 tests  urn:newsml:reuters.com:*:nASX73BYZ7
    ** Co says it is now scaling up its manufacturing facilities
to respond to growing demand for its product
    ** Adds that revenue for initial order is to be between 25%
and 35% of unaudited FY21 revenues of A$3.9 mln ($2.86 mln)
    ** Stock posts its biggest intraday pct gain since Sept. 15,
2020
    ** About 2.4 mln shares change hands, compared with the
30-day average volume of 216,000 shares
    ** Stock up 25% this year, as of last close


($1 = 1.3633 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))