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Sorrento Therapeutics (SRNE) Stock Up Premarket After Mexican Government Adds COVI-STIX To Official List

Sam Boughedda trader
Updated 2 Jun 2021

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Sorrento Therapeutics

Sorrento Therapeutics' (NASDAQ: SRNE) share price is rallying premarket after the health regulatory authority for Mexico listed COVI-STIX on its official government website list of rapid antigen tests approved for emergency use in Mexico.

Sorrento's COVI-STIX is a rapid diagnostic test for detecting the SARS-CoV-2 virus, with results taking approximately 15 minutes.

An independent study conducted by the Mexican government’s epidemiological department confirmed the validity of the test in 465 nasopharyngeal samples from symptomatic or uninfected people.

Among all of the products on the current list, COVI-STIX outperformed for both sensitivity and specificity.

“We are very grateful to COFEPRIS for working with us closely on this review and listing us for use in Mexico,” stated Dr Henry Ji, Chairman and CEO of Sorrento.

“We look forward to working even more closely with the Mexican government to help deploy our test at scale. We have been building our manufacturing capacity in anticipation of this day and are ready to deliver tests in the tens of millions of units monthly.”

Sorrento Therapeutics' share price is trading at $8.18 premarket, up 7.07%.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.