NZAX-listed TruScreen has received payment for an initial order from its Chinese distributor following China Food and Drug Administration approval for its TruScreen2 device.
The Auckland-based cervical cancer test developer said it has received $188,000 as an initial payment for the new device. "The company is now producing consoles at its maximum capacity to meet current and anticipated orders from China which is our largest target market," said TruScreen chair Robert Hunter in a release.
TruScreen, which posted a 30 percent drop in revenue and widened its loss in the first half to Sept. 30 on delays to Chinese approval for its cervical screening device, said China issued its formal certificate of approval permitting the commercial supply and sale of new upgraded TruScreen2 cervical cancer screening device earlier this month.
The company's real-time cervical cancer technology uses a digital wand which is placed on the surface of the cervix to measure electrical and optical signals from the surrounding tissue. It currently has signed distribution agreements covering 24 countries with a focus on China, India, Russia and Mexico.
The stock last traded at 16 cents and has lifted 6.7 percent over the past 12 months.
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