Qiagen Shares Rise on Plan to Launch Covid Antibody Test

Qiagen shares were higher after the company said that in the fourth quarter it would launch a test to detect antibodies against Covid-19.
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Qiagen  (QGEN) - Get Report shares rose on Wednesday after the medical-diagnostics company said that in the fourth quarter it would launch a test to detect antibodies against covid-19.

The Hilden, Germany, company on Tuesday said its rapid portable test could detect SARS-CoV-2 - the virus that causes covid-19 - "antigens in people with active infections in less than 15 minutes and process on average around 30 swab samples per hour."

An antigen is a substance that causes the immune system to produce antibodies against it.

The Access Anti-SARS-CoV-2 Antigen Test will be launched in partnership with Australian digital diagnostics firm Ellume. In August, Qiagen first launched a similar test for coronavirus with Ellume.

Qiagen will apply for U.S. Food and Drug Administration's emergency-use authorization and seek CE-IVD registration in Europe to launch two versions of the test - one for labs and one for point-of-care. 

“The Access Antigen Test is fast, easy to use and cost-effective and will be a valuable tool to address the so far unmet high-volume testing needs for SARS-CoV-2 antigens in situations where time is of the essence,” said Thierry Bernard, chief executive of Qiagen.

At last check Qiagen shares were 2.4% higher at $49.41.

On Tuesday shares of AstraZeneca  (AZN) - Get Report fell in after-hours trading following a report that a Phase III trial of its potential vaccine against covid-19 had been halted.

The trial was halted after “a suspected serious adverse reaction in a participant" in the U.K., Stat reported. AstraZeneca is developing the vaccine candidate with the University of Oxford.

At last check AstraZeneca American depositary receipts were trading down 1.5% at $53.90.

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