Shares of Syngene International rallied over 8 percent in early trade on Thursday after the company received the approval from the Indian Council of Medical Research (ICMR) for HiMedia-Syngene’s COVID-19 antibody test kit, ELISafe 19. HiMedia Laboratories and Syngene International have collaborated to manufacture ELISafe 19TM, an IgG based ELISA test kit for COVID-19. The ELISafe 19TM antibody test kit has a sensitivity of 100 percent and specificity of 99 percent, the company said.

“The kit is made in India for the benefit of Indian hospitals and patients and it will play a significant role in testing for SARS-CoV-2 antibodies facilitating tracking of the progression of infection and immunity to future infection,” said Vishal Warke, Director R&D, Cell Culture and Immunology, HiMedia Laboratories.

The ELISafe19TM kit is intended for the qualitative detection of IgG SARS-CoV-2 antibodies using the standard ELISA method on human serum/plasma samples. The kit will also help to identify the IgG immune status of COVID-19 recovered patients so that their plasma can be used for therapeutics.

Syngene developed the IgG based ELISA at its research facility in Bengaluru and partnered with HiMedia to manufacture and commercialize the product. HiMedia is seeking approval from the Central Drugs Standard Control Organisation (CDSCO) and will launch the kits once approval is in place, the company added.

The stock price of Syngene International rallied as much as 8.90 percent to Rs 494.15 apiece on the BSE. At 9:55 am on 10 September 2020, the shares were trading 8.51 percent higher at Rs 492.35 apiece.