Shares of Avacta (LON: AVCT) are down Tuesday after the company had to halt sales of its AffiDX SARS-CoV-2 Lateral Flow Rapid Antigen Test in the UK.
As of November 1, new test validation rules in the UK came into effect. It is a new requirement for the supply of any COVID-19 test in the UK and is over and above the CE mark and other approvals needed.
The rules state that all suppliers of COVID-19 tests must submit information regarding their products for desktop review if they wish to remain on sale in the UK.
While Avacta said it submitted its information, as of 1 November, there were only 3 products for which the agency had completed its desktop review listed on the CTDA register for approved products.
Avacta stated that the suspension of sales in the UK due to the regulations coming into force will not impact the company's financial results for the financial year ending 31 December.
Avacta shares are down 8.65% at 110.3p at the time of writing.
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.