By Chris Wack
Chembio Diagnostics Inc. shares nearly doubled to $4.03 in premarket trading after the company said it received a $28.3 million purchase order from Bio-Manguinhos for Chembio's DPP SARS-CoV-2 antigen tests for delivery during 2021.
Chembio Diagnostics Inc's stock price continues to soar during trading hours on Wednesday
The company said its antigen test is designed to detect the SARS-CoV-2 antigen, which indicates an active positive test result, in 20 minutes using a minimally invasive nasal swab.
Bio-Manguinhos, a subsidiary of the Oswaldo Cruz Foundation, is responsible for the development and production of vaccines, diagnostics, and biopharmaceuticals, primarily to meet demands of Brazil's national public health system.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 21, 2021 09:24 ET (13:24 GMT)
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