CEMI - Chembio announces U.S. launch of point-of-care-test to differentiate COVID-19 and Flu

Chembio Diagnostics ([[CEMI]] +45.7%) has surged in the early hours after announcing the commercial launch of its rapid point-of-care COVID-19/Flu A&B test in the U.S.The rapid immunoassay test has won the Emergency Use Authorization from the FDA. It is approved for use in laboratories with a CLIA waiver license and generates results in 15 minutes, the company said.With no instrumentations, the test can simultaneously differentiate SARS-CoV-2 antigens and influenza Type A and Type B infections from a single swab.“As COVID-19 converges with the flu, it is critical for physicians to be able to quickly differentiate between these viruses at the point-of-care, which present with nearly identical symptoms,” noted Charles Caso, vice president of sales and marketing for Chembio.The company has won a ~$12.7M contract from Biomedical Advanced Research and Development Authority ("BARDA") to develop a rapid SARS-CoV-2 antigen test system for point-of-care use in the upcoming flu season.

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Chembio announces U.S. launch of point-of-care-test to differentiate COVID-19 and Flu