3M and MIT Form Partnership to Make Fast Antigen Coronavirus Test

The hope is to eliminate processing delays that have stymied some testing in the U.S. A variety of other companies are working on tests too.
Author:
Publish date:

3M  (MMM) - Get Report announced a partnership with the Massachusetts Institute of Technology to develop a fast antigen coronavirus test.

The hope is to eliminate processing delays that have stymied some testing in the U.S. A variety of other companies are working on tests too.

“Accelerated research is underway to learn if a simple-to-use, diagnostic device can produce highly accurate results within minutes and is feasible to mass manufacture,” 3M said in a statement..

“The U.S. National Institute of Health selected the rapid Covid-19 test for accelerated development and commercialization support, after rigorous review by an expert panel.”

The company is “excited to collaborate with Professor Hadley Sikes and the team at MIT,” said 3M Chief Technology Officer John Banovetz.

“Our approach is ambitious, but our collective expertise can make a difference for people around the world, so we owe it to ourselves and society to give it our best effort.”

As for antigen tests, they are new for the coronavirus, according to CNBC.

“They work by scanning for proteins that can be found on or inside a virus. The Food and Drug Administration has touted the tests as an important tool for combating the pandemic because they can be produced quickly, at relatively low costs, and test patients in a variety of settings.”

3M and MIT’s testing device would work “like a pregnancy test,” 3M Senior Technical Manager Cathy Tarnowski told CNBC.

3M shares recently traded at $155.95, up 0.74%. The stock has gained 7% over the last three months.

Tags
terms:
Health