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Chembio Diagnostics Stock Climbs on Commercial Distribution of COVID-19 Antigen Assay

Updated: 27 Aug 2021

Chembio Diagnostics (NASDAQ: CEMI) share price is rising premarket on Friday after announcing its launch of commercial distribution of an FDA Emergency Use Authorized COVID-19 antigen test.

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 The SCoV-2 Ag Detect Rapid Test is patent-pending and made for use in “decentralised and traditional testing settings.” It provides results in 20 minutes from a nasal swab.

It has not been FDA cleared or approved but has been authorised by the FDA under an EUA for use by authorised laboratories. It has been permitted only to detect proteins from SARS-CoV-2, not for any other viruses or pathogens.

“We are excited about the addition of this differentiated product to our menu of COVID-19 assays,” said Charles Caso, Vice President of Sales and Marketing for Chembio. 

“We are now offering U.S. customers SCoV-2 Ag Detect™, a test for COVID-19 antigens in both symptomatic and asymptomatic populations, as well as Status™ COVID-19/Flu A&B, a product that differentiates flu from COVID-19 using a single nasal swab sample. Our expanded commercial team can now offer testing solutions for CLIA waived settings and work and school settings.”

Chembio's stock price is currently trading at $3.07, up 14.13% from Thursday's close. 

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