Victory Square Technologies - CEO, Shafin Diamond Tejani
CEO, Shafin Diamond Tejani
Source: Forbes
  • Victory Square Technologies (VST) portfolio company VS Health has received a key approval for its rapid testing kit – but not the one you might expect
  • VS Health’s Leishmaniasis rapid tests, which detect the little-know disease, have gained approval from Brazil’s regulatory body
  • While the news has buffeted the company’ shares once again, this isn’t the rapid test in Victory Square’s portfolio that investors are most excited about
  • Back in August, the company gained permission by the US Food & Drug to market, sell and distribute COVID-19 antibody testing kits
  • The FDA approval caused shares Victory Square Technologies to more than quintupled in value, leaping from 14 cents to more than 80 cents in the space of a day
  • Meanwhile today, Victory Square Technologies is up 7.23 per cent and is trading at 45 cents per share

Victory Square Technologies (VST) portfolio company VS Health has received a key approval for its rapid testing kit – but not the one you might expect.

VS Health’s Leishmaniasis rapid tests, which detect the little-know disease of the same name, have gained approval from Brazil’s regulatory body.

Following the approval, the company can now move forward on its recently revealed sales and distribution contract with Ecodiagnostica of Brazil.

Leishmaniasis is a parasitic disease that affects humans and canines in Southern Europe, Central America, South America, Mexico and the Middle East. Around two million people are infected with the disease annually, which ultimately can lead to death oir disability.

Felipe Peixoto, CEO of Victory Square’s health-focussed subsidiary said he was very pleased to announce the latest approval.

“Our global distribution and sales network has grown exponentially with our numerous approvals of our Safetest Covid-19 testing products. These new avenues and new partnership agreements will provide this test and others with easy access to key markets,” he added.

While the news has buffeted the company’ shares once again, this isn’t the rapid test investors are more excited about in Victory Square’s portfolio.

Earlier this year, the company has gained permission by the US Food & Drug Administration (FDA) to market, sell and distribute COVID-19 antibody testing kits, under an emergency use authorisation.

When word of the FDA authorisation broke back in August, shares in Victory Square Technologies more than quintupled in value, leaping from 14 cents to more than 80 cents in the space of a day.

While investors will be keenly awaiting more news on the company’s COVID-19 tests, the Brazilian approval has given Victory Square shares another bump in today’s trading.

Currently, Victory Square Technologies is up 7.23 per cent and is trading at 45 cents per share at 2:21pm EST.

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