Nanoveu Ltd (ASX:NVU) has more than doubled on receiving further successful independent testing of its antiviral technology against the human transmitted coronavirus strain OC43 by Bioscience Laboratories, at its testing facility in Montana, USA.
Testing involved placing a solution containing OC43 strain coronaviruses on a thin film containing the antiviral technology.
The company's antiviral protectors protect smartphone and tablet users from viruses and bacteria.
In line with Nanoveu’s testing of the MHV-A59 strain, which demonstrated 90% elimination of the virus in just 10 minutes, this recent research on the OC43 strain has targeted a betacoronavirus, which are single-stranded RNA viruses emerging from animals and are typically associated with respiratory ailments.
SARS, MERS, and COVID-19 are all forms of betacoronavirus.
Shares have been as much as 106% higher to 17.5 cents intra-day and are well up from 2.5 cents at close on April 2.
Nanoveu executive chairman and CEO Alfred Chong said: “Nanoveu has again received a strong validation from further independent testing of its antiviral technology, which has all but eradicated the coronavirus in half an hour.
“It is particularly pleasing to see that the antiviral technology is not only proven as an effective agent at killing certain strands of coronaviruses but is highly successful at killing viruses capable of infecting humans.
“Given the strong public health focus on COVID-19, these test results represent fantastic news for Nanoveu as well as to the broader population and I am proud to say we are another step closer to providing safer devices for all digital screen users.”
With the completion of the Bioscience Labs testing, Nanoveu now possesses multiple independent research results demonstrating the effectiveness of its antiviral technology against pathogenic betacoronaviruses affecting animals, as well as humans.
These test results will assist Nanoveu in its upcoming submission to the Australian Therapeutic Goods Administration (TGA) as a Class I Medical Device.
Class I Medical Device status is given to low-risk and non-invasive medical equipment, such as surgical retractors and has a two-day approval period.
The product certification is an important step permitting Nanoveu’s antiviral protectors to be sold to Australian consumers.
The company has commenced an application with the Environmental Protection Agency (EPA) in the United States to enable its antiviral products to be sold in the US, with approval expected to take nine weeks.
Nanoveu's commercialisation guidance is now targeting product availability in late quarter two or early quarter three of 2020.