Shares of Quotient Limited (QTNT -7.90%) rose as high as 21% on Friday. The stock hits its 52-week low on Thursday at $2.32 per share before closing at $2.34. On Friday, it opened at $2.35 before climbing to as high as $2.85 in midday training. The stock has been volatile, climbing to as high as $7.59 in the past 52 weeks, though it is still down more than 47% this year.
The blood diagnostics company announced that its MosaiQ Expanded Immunohematology (IH) blood test that tracks the levels of antigens and antibodies in the blood was beginning the review process in Europe. This is coming off successful field trials, the company said, in Europe for the IH microarray. The best news was that the company said it expects CE Mark approval by the end of the year, followed by the product's launch in the EU and other countries that accept the CE Mark, a total of roughly 40 countries, according to the company.
This isn't completely unexpected, as Quotient had said earlier this year that it planned to launch the microarray in Europe by the end of 2021. However, coming off the stock's recent two-year low, this bit of good news was able to drive its shares up considerably.
It's a huge deal for the biotech company because nearly all of its revenue right now stems from one product, its Alba by Quotient reagents. The company's 2022 fiscal year first quarter, which ended June 30, reported $9 million in revenue, up 1.3% year over year while its net loss was $24.3 million, compared to $25.4 in the same period in 2021.
New Quotient CEO Manuel O. Méndez has said that the company's MosaiQ testing platform will be its big revenue driver. If the company's MosaiQ expanded IH microarray is approved in Europe, the next step will be to seek approval in the U.S. as early as the third quarter of 2022.
The company sees other applications for the test beyond detecting antibody and antigen levels, including molecular disease screening and serological disease screening.