Hot stock: Biolidics jumps 22.6% on news of Covid-19 test kit distribution

SHARES in Catalist-listed Biolidics rallied for a third consecutive day on Friday, advancing more than 20 per cent by the afternoon trade.

This comes as the medtech firm recently announced that it is set to distribute Covid-19 test kits in Indonesia, Singapore and the Philippines.

As at 3.53pm on Friday, the counter had surged 22.6 per cent or S$0.07 to S$0.38. Some 28.5 million shares changed hands, making it one of the most heavily traded counters on the Singapore bourse for the day.

On Thursday night, Biolidics said it received the green light from the authorities to distribute and use its Covid-19 antibody test kits in Indonesia. The authorisation remains valid until Nov 25, 2021.

In a separate filing on Thursday evening, Biolidics announced it will distribute China-based JOYSBIO (Tianjin) Biotechnology's Covid-19 antigen rapid test kits.

Biolidics was appointed the non-exclusive worldwide distributor of JOYSBIO's test for a year. Biolidics will automatically become the exclusive distributor of this product in Singapore if it orders 100,000 units within 90 calendar days from Nov 26 in the Republic, as well as the exclusive distributor in the Philippines if it orders one million units within 180 calendar days there.

Barring unforeseen circumstances, Biolidics expects the agreement to contribute positively to the group's revenue after FY2020.

In addition, it intends to expand its sale and distribution of third-party medical and healthcare-related products. This could include other brands of Covid-19 antigen rapid test kits and any other technologies within the diagnostic space in the healthcare sector.