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Chembio Jumps on Launch of Test Distinguishing COVID, Flu

Chembio launched a rapid test, cleared for emergency use by the FDA, that can differentiate between COVID-19 and influenza Type A and Type B.

Chembio Diagnostics  (CEMI) - Get Chembio Diagnostics Inc. Report shares spiked on Monday as the company launched a test that can differentiate between COVID-19 and influenza.

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At last check Chembio shares were trading up 59% at $5.62. On Monday they've traded up as much as 78% at $6.25. At the end of June 2020 they touched a 52-week low $3.01. The 52-week high of $15.89 was set in mid-April 2020.

The Hauppauge, N.Y. medical manufacturer said after the closing bell on Thursday that the product "simultaneously differentiates between “SARS-CoV-2 antigens and influenza Type A and Type B infections from a single swab.

Chembio said the rapid immunoassay test produces results in 15 minutes and requires no instrumentation. 

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"As COVID-19 converges with the flu, it is critical for physicians to be able to quickly differentiate between these viruses at the point of care, which present with nearly identical symptoms, in order to take appropriate clinical actions and maximize efficient use of healthcare resources," Chembio's vice president of sales and marketing, Charles Caso, said in a statement.

"Based on recent research, we expect that the spread of COVID-19 will eventually transition from a pandemic to an endemic state, with the virus surviving among the population at a lower incidence. 

"In this scenario, coupled with the return to normalcy in society, we see COVID-19 testing remaining a crucial and integral component of broader respiratory testing."

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The Chembio test has been cleared for emergency use by the Food and Drug Administration.

Chembio said it has inventory of the test ready for shipment in the U.S.