The Food & Drug Administration used its emergency authorization powers to give the okay to Abbott's testing kit, a small, portable unit that can detect positive coronavirus results in at little as five minutes.
President Donald Trump said the FDA was able to approve Abbot's application in just four week, while the Chicago, Illinois-based group said it hopes to it can administer at least 50,000 tests a day once it's able to increase manufacturing of the kits, and plans to deliver some of them as early as this week.
"On Friday, the FDA authorized a new test developed by Abbott Labs that delivers lightning fast results in as little as five minutes," Trump told reporters during a press conference Sunday. "That’s a whole new ballgame. I want to thank Abbott Labs for the incredible work they’ve done. They’ve been working around the clock."
Abbott shares were marked 7.3% higher in early trading Monday to indicate an opening bell price of $80.00 each. That would leave the stock with a six week decline of around 9.5%.
"The COVID-19 pandemic will be fought on multiple fronts, and a portable molecular test that offers results in minutes adds to the broad range of diagnostic solutions needed to combat this virus," said COO Robert Ford. "With rapid testing on ID NOW, healthcare providers can perform molecular point-of-care testing outside the traditional four walls of a hospital in outbreak hotspots."