Epistem signs distribution deal for TB diagnostic machine

BIOTECH firm Epistem has signed a Tuberculosis diagnostic supply and distribution agreement with medical technology group Becton, Dickinson and Company.

The Manchester company’s Genedrive machine uses molecular diagnosis to provide a rapid test which can highlight a range of conditions within 30 minutes.

The agreement, on a global basis excluding India and the Indian Sub Continent, includes an upfront payment of $1m with further milestone payments of up to $3m, alongside escalating supply volumes over the next five years.

The company also announced that trading for the full year ended June 30 is expected to be broadly in-line with market forecasts.

Following the news, the company’s shares climbed 10p to £4.15 per share.