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Catenae (CTEA) Shares Rallied 27% Today, Here’s Why

Updated: 16 Oct 2020

Shares of Catenae Innovation PLC (LON: CTEA) today gapped 27% higher after the company teamed up with BHA-Medical to deliver an integrated coronavirus (COVID-19) test, monitor, and manage programme that can be used by governments, businesses and other organisations.

The technology and media company created the Cov-ID electronic passport, while BHA has supplied 350,000 three-antibody tests within the UK to customers including two FTSE 100 companies.

Catenae will form a joint-venture with BHA-Medical’s South African division, which will ill provide both the three-antibody and Healgen antigen tests that show results in 20 minutes, while Catenae’s technology will store the results.

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Administrators will monitor the health of individuals through Catenae’s Data Intelligence Dashboard when planning responses to coronavirus outbreaks and hotspots.

Guy Meyer, Catenae’s CEO, said: “BHA-Medical and ourselves are strategically aligned given that we complement each other's offering.”

Adding:

“Our revenue models are both volume-based, and both have the capacity to scale. BHA-Medical's presence in South Africa also dovetails into the current market activity that Afrik-ID are undertaking across the SADC region from neighbouring Botswana.”

Catenae share price

Tradingview chart of Catenae share price 16102020

Catenae shares today surged 27% to trade at 3.10 having risen from Thursday’s closing price of 2.44p.

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