FDA issued Emergency Use Authorization for Abbott’s COVID-19’s Antibody Test Kit

Food and Drug Administration (FDA) issued an emergency use authorization for Abbott Laboratories’ (NYSE: ABT) BinaxNOWTM COVID-19 Ag. BinaxNOWTM COVID-19 Ag is a card-type tool for rapidly detecting COVID-19 infection in only 15 minutes. According to the press release, Abbott are going to distribute it for $5.

BinaxNOWTM COVID-19 Ag is one of antibody test kits based on lateral flow immunoassay. It utilizes the color reactions using metal particles. It does not require complicated operations and detects COVID-19 infection in only 15 minutes.

At the same time, Abbott also released a charge free mobile app NAVICATM. It allows healthcare providers to register the test results. This enables to display a temporary digital health pass on mobile phone. This makes it easier for companies and organizations to address social distances issues.  

Following the announcement on August 26th, Abbott’s stock price surged more than 7% based on the closing price.  According to Abbott’s 2020 Q2 financial results, its revenue and operating income were decreased mainly due to postponement of unnecessary surgeries etc. But the revenue for rapid diagnostics including those for detecting COVID-19 infection increased by 9.6%. 

testing for covid-19
Photo by Mufid Majnun on Unsplash

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