Chembio Shares Double on $28 Million COVID Diagnostic Test Order

The Street2021-07-21
Chembio will provide 20-minute nasal swab test to a company in Brazil.

Shares of Chembio Diagnostics (CEMI) -Get Report doubled in premarket trading Wednesday after the company received a $28.3 million purchase order from Bio-Manguinhos for SARS-CoV-2 Antigen tests in Brazil.

The test is designed to detect the COVID-19 pathogen in only 20 minutes using a "minimally invasive" nasal swab.

“We are pleased to significantly expand our customer relationship with Bio-Manguinhos to address the testing needs surrounding COVID-19,” said Javan Esfandiari, Chembio’s executive vice president, chief science and technology officer.

Shares of Chembio Diagnostics jumped 100.49% to $4.13 early Wednesday.

"We believe the purchase order validates the investments we made earlier this year in inventory for the DPP SARS-CoV-2 Antigen test and look forward to ramping up production," Esfandiari said.

Chembio is a point-of-care diagnostic company focused on infectious diseases.

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