Abu Dhabi-based International Holdings Company (IHC) has invested $50.8 million (AED 187 million) in a UK firm, which is pioneering high speed COVID-19 testing.

Oxford Nanopore Technologies has been making international headlines for its use of DNA/RNA sequencing technology and its LamPORE COVID-19 test to enable widespread testing for the coronavirus.

IHC’s investment is part of an $109 million (AED 404.5 million) cash injection raised by Oxford Nanopore. The company said the investment will be used to support further innovation and accelerate manufacturing options as the company scales up its COVID-19 testing capabilities.

Earlier this year, Abu Dhabi-based cloud computing and artificial intelligence company, Group 42, announced it was collaborating with Oxford Nanopore to develop rapid COVID-19 testing.

In a statement to the Abu Dhabi Stock Exchange (ADX) today, IHC, an investment and financial services company, said Oxford Nanopore’s DNA/RNA sequencing technology is used by researchers to explore human genetics, cancer, infectious pathogens, plant and animal genomics and environmental science.

“Its technology is increasingly being used in ‘applied markets’ to generate actionable insights such as in food safety or infectious disease, including COVID-19,” the statement said.

Oxford Nanopore’s palm-sized portable MinION device, and desktop GridION and PromethION devices, are used in a broad range of scientific analyses, now in conjunction with its LamPORE COVID-19 test in order to quickly detect the virus.      

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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