Novacyt gearing up for hearing in DHSC litigation
Novacyt S.A. (CDI)
71.60p
16:34 01/05/24
Molecular diagnostics specialist Novacyt updated the market on legal proceedings between itself and its subsidiary Primer Design against the Department of Health and Social Care (DHSC) on Friday.
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The AIM-traded firm said the trial was scheduled to start on 10 June and conclude on 4 July, with Novacyt expecting the court to reserve judgement.
As part of the standard litigation process, the court set the pre-trial review to be heard on 30 April, which would primarily focus on administrative preparations for the impending trial.
Moreover, the DHSC had lodged an application for summary judgement concerning one aspect of its claim, aiming for judgement to be entered for the full value of its claim.
Novacyt, after consulting legal advice, said it deemed the application as weak with low prospects of success.
The company said it was confident in the court's dismissal of the application, adding that the timing of the court's judgement on the application remained uncertain, potentially occurring during or after the pre-trial review.
Novacyt said it would update the market on the application in due course.
At 1042 BST, shares in Novacyt were up 8.7% at 70p.
Reporting by Josh White for Sharecast.com.