- TBG Diagnostics (TDL) has reported that its investee company, TBG Biotechnology Xiamen, can now sell its COVID-19 test kits to Europe
- Last month, the Chinese Government introduced new measures to stop the sale of faulty or fake COVID-19 test kits, meaning all devices needed to have a Chinese medical device product registration certificate
- However, now the Government has lifted the ban, giving TBG the green light to sell its COVID-19 test kits in Europe
- TBG Diagnostics is in a trading halt after a sudden spike in its share price which it claims was due to its investee company receiving CE mark approval for the test kits. Company shares last traded for 27 cents each on March 17
TBG Diagnostics (TDL) has reported that its investee company, TBG Biotechnology Xiamen, can now sell its COVID-19 test kits to Europe.
TBG has a 46.55 per cent holding in TBG Xiamen, which is a China-based molecular diagnostics company.
Last month, the company was unable to sell its test kits due to new government laws.
The Chinese Government banned the export of all COVID-19 diagnostic kits that have not obtained the required China medical device product registration certificate. This rule was to stop the sale of faulty or fake COVID-19 kits.
However, now the Chinese Government has lifted the ban, this has given TBG the green light to sell its COVID-19 test kits outside the country.
“Following the lift of the export ban the COVID-19 Nucleic Acid Test Kits are now able to be exported from China for sale throughout the European Economic Area subject to individual countries accepting import of the test kit,” the company said.
In March, TBG received a European CE Mark approval for its diagnostic kits.
TBG Diagnostics is in a trading halt after a sudden spike in its share price, which it claims was due to the investee company receiving CE mark approval for the test kits. Company shares last traded for 27 cents each on March 17.