Skip to main content

Chembio Shares Double on $28 Million COVID Diagnostic Test Order

Chembio will provide 20-minute nasal swab test to a company in Brazil.
  • Author:
  • Publish date:

Shares of Chembio Diagnostics  (CEMI)  doubled in premarket trading Wednesday after the company received a $28.3 million purchase order from Bio-Manguinhos for SARS-CoV-2 Antigen tests in Brazil.

The test is designed to detect the COVID-19 pathogen in only 20 minutes using a "minimally invasive" nasal swab. 

“We are pleased to significantly expand our customer relationship with Bio-Manguinhos to address the testing needs surrounding COVID-19,” said Javan Esfandiari, Chembio’s executive vice president, chief science and technology officer.

Shares of Chembio Diagnostics jumped 100.49% to $4.13 early 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.