Endorsement for test lifts Axis-Shield

SHARES in medical testing kit maker Axis-Shield edged ahead yesterday after researchers at Trinity College Dublin endorsed one of the Dundee-based firm's products aimed at taking a share of a $50 million (£31m) market.

Writing in the journal Clinical Chemistry, Professor John Scott supported the view that Active-B12, the company's diagnostic test for vitamin B12 deficiency, should be used as a "first-line diagnostic procedure".

The company said vitamin B12 deficiency is a "serious public health issue" most prevalent in the elderly and that an association with neurodegenerative conditions has been reported, making early detection important.

Chief executive Ian Gilham said: "We are pleased to receive third-party confirmation from a prestigious group on the value of our Active-B12 test and remain focused on expanding the availability of this product through further licensing arrangements as commercial interest in the test rapidly increases."

Mike Mitchell, healthcare research at Seymour Pierce, which carries an "add" rating on Axis-Shield, said: "We don't expect analyst expectations for the test to materially change on the basis of this announcement, but the continuing newsflow is supportive of the company's long-term positioning with vitamin B12 testing."