A Northern Ireland company which has developed a diagnostic test for herpes has lodged an application to sell the product in the United States with the Food and Drug Administration (FDA).

If the FDA approves the rapid test product, the company, Diagnology Ltd, hopes to launch it in the United States next summer.

The company is currently looking to raise £2.5 million from venture capitalists and after a further institutional fund raising is hoping to take a stock exchange listing, most likely in Dublin.

The investment capital group 3i, venture capitalists Enterprise Equity and Friends Ivory & Sime, are among those who have invested so far. The company has held a series of meeting with investors in Dublin looking for fresh funding.

The United States herpes test market is currently valued at $50 million and the company hopes to take 30 per cent of this by 2005.