Shares in the Irish biotechnology company, Trinity Biotech, rose by more than 30 per cent on the Nasdaq yesterday after it announced it had received approval from the US Food and Drug Administration (FDA) for one of its products.

The approved product, UniGold, is a test for H.pylori infection, which is believed by many scientists to be one of the main causes of duodenal ulcers, gastric ulcers and gastric cancers. It is already on sale in Europe and South America and the FDA approval will now enable Trinity to access the US market.

Following the announcement, the shares rose on the Irish Stock Exchange by 30 cents to €2.05.