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Be the first with the news that moves the market- Ovation Science (CSE:OVAT) has increased its shipments of hand sanitiser to Canada
- Health Canada recently loosened regulations for imported hand sanitisers and disinfectants, allowing the company to increase shipments
- Health Canada hopes the loosened restriction will help maintain supplies as the COVID-19 crisis continues to worsen
- Due to a steep increase in demand caused by that COVID-19 crisis, Ovation Science’s share price has risen by 25 per cent in the last month
- Ovation Science (OVAT) is up 4.35 per cent, with shares trading at C$0.48 and a market cap of C$11.38 million
Ovation Science (CSE:OVAT) has increased its shipments of hand sanitiser to Canada, after the government health authority loosened regulations this week.
Canada Health announced that it is no longer requiring hand sanitiser and disinfectants to meet the previous regulatory standards. Instead, the products will now be assessed on the regulations in the country of origin.
If these regulations are similar to Canada’s, the products can be shipped in without direct government testing and approval.
Canada Health has loosened the regulations to maintain a supply chain, as demand for the products spikes due to COVID-19 fears.
Consequently, Ovation Science can now import hand sanitiser from its Nevada-based factory. Previously, the company was only able to distribute sanitiser from its Canada-based operations.
Terry Howlett, President and CEO, is pleased with Health Canada’s decision and is glad DermaSafe will be more available to its Canadian customers.
“We applaud Health Canada for making this very important change to its regulations as no one wants paperwork to stop the public’s access to products that can help protect them during this COVID-19 pandemic,” he said.
Terry went on to say that Dermasafe has undergone six years of research and development to assess its effectiveness.
While the product has not yet been sufficiently tested on COVID-19, it is effective on number of influenza strains including bird flu and swine flu.
Health Canada recently announced that 690 cases of COVID-19 have been confirmed within its borders. Earlier today New Brunswick declared a state of emergency as case numbers in the province have spiked.
Since the outbreak began, Ovation Science’s share price has almost doubled.
Ovation Science (OVAT) is up 4.35 per cent, with shares trading for C$0.48 at 3:14pm EST.
