Sensyne Health PLC (LON: SENS) share price traded sideways despite reporting that European regulators had approved a COVID-19 testing system that utilises its MagnifEye technology.
Sensyne Health’s AI-driven MagnifEye image analysis technology is being used within Excalibur’s ‘Test-To-Go' system, a CE-marked app.
Excalibur’s system also includes its CE-marked lateral flow test, which collaborates with MagnifEye to produce accurate COVID-19 test data via an entirely automated system.
Excalibur’s COVID-19 testing system is targeted towards commercial settings and government areas, with Sensyne Health promising to work with Excalibur in popularising the system among its target clientele within Europe.
Investors barely reacted to the news, evidenced by the lack of movement in Sensyne Health’s share price. The healthcare technology company’s shares are down 27.95%, and today’s news could not boost them.
A deep learning algorithm powers Sensyne Health’s MagnifEye technology. It is already approved for use in the UK by the Department of Health & Social Care within its COVID-19 testing programme.
The MagnifEye technology has already successfully interpreted and recorded over 1 million lateral flow antigen tests.
Sensyne chief executive Lord Drayson said: “This is a major scientific achievement and, we believe, a world-first in developing a regulated software application using state of the art AI to enhance the accuracy of lateral flow testing and reporting.”
Adding:
“This news underlines the significant potential of our MagnifEye technology, which is helping to automate and improve the accuracy of reading images in many diagnostic testing and medical imaging applications.”
Professor Sir Chris Evans, Excalibur’s Chairman and CEO, said: “This is a great result for British technology and partnership between two UK-based companies. I am delighted we secured this regulatory certification on behalf of Excalibur and Sensyne.”
Sensyne Health shares price.
Sensyne Health shares barely moved today despite EU regulators approving its technology.
Should you invest in Sensyne Health shares?
If you’re a smart investor, you will know that having large-cap stocks in your portfolio is vital. They are more mature companies, considered safer investments, trade with less volatility, have greater analyst coverage, and in most cases, have a steady dividend stream. Due to the current market environment, we think now is the perfect time to add large-cap stocks to your portfolio. But which large-cap shares should you buy? Our stock analysts regularly review the market and share their picks for some of the best large-caps to invest in