QLGN - Qualigen pulls marketing application for COVID-19 test sending shares ~15% lower

Qualigen Therapeutics (QLGN) has announced that it has withdrawn the emergency use authorization application submitted to the FDA for FastPack COVID-19 diagnostic test. In reaction, the shares have dropped ~16.5% in post-market trading.Since the market application was submitted in June 2020, the company says that ‘alternative tests and testing practices have taken hold.’After its application sat with the regulator for nine months, Qualigen now thinks there will be no business case to scale up the test.Having submitted the EUA application, Qualigen began shipments of its FastPack SARS-CoV-2 IgG test for COVID-19 antibodies after an official notification was submitted to the FDA in July for the commencement of sales.

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Qualigen pulls marketing application for COVID-19 test sending shares ~15% lower