Shares of Chembio Diagnostics (CEMI) – Get Report doubled in premarket trading Wednesday after the company received a $28.3 million purchase order from Bio-Manguinhos for SARS-CoV-2 antigen testing in Brazil.
The test is designed to detect the COVID-19 pathogen in just 20 minutes using a “minimally invasive” nasal swab.
“We are excited to significantly expand our customer relationship with Bio-Manguinhos to address testing needs around COVID-19,” said Javan Esfandiari, Executive Vice President, Chief Science and Technology Officer of Chembio.
Shares of Chembio Diagnostics rose 100.49% to $4.13 on Wednesday.
“We believe the purchase order validates the investments we made earlier this year in inventory for the DPP SARS-CoV-2 Antigen test and look forward to ramping up production,” Esfandiari said.
Chembio is a point-of-care diagnostic company focused on infectious diseases.