TyraTech enjoyed a bounce after announcing its new insect repellent had been granted registration in the US, leaving it just one step short of being on the shelves.
The firm's personal insect repellent 'NO-SKEETO!' now has registration in 49 States and the District of Columbia.
This news means the product is approved and ready for immediate sale in retail channels, and caused shares to jump 9.5%.
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The company is now in the process of evaluating global commercial and retail partners for the product.
It has also filed for patent protection for its NO-SKEETO! formulation and has submitted data from laboratory and field trials for publication in two international journals.
TyraTech's Vice President of Research & Development, Dr. Keith Kennedy, said diseases transmitted by mosquitoes and ticks continued to be an increasing problem in North America.
'The number of West Nile Virus cases reported in the US so far this year was the highest number recorded by the Centers for Disease Control in the last 10 years," he said.
"The incidence of Lyme disease continues to exceed more than 30,000 cases per year."
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