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.