Chembio Diagnostics (CEMI) Stock Doubles as it Receives Purchase Order worth $28.3 Million for DPP SARS-CoV-2 Antigen Tests in Brazil from Bio-Manguinhos

CEMI Stock reaches shocking heights

Chembio Diagnostics develops, produces, and sells point-of-care (POC) diagnostic tests to identify and diagnose illnesses, together with its subsidiaries. COVID-19, HIV/Syphilis, and Zika virus testing are available through the firm. Malaria, dengue, Hepatitis C, chikungunya, Chagas, ebola, leishmaniasis, Lassa, Marburg, leptospirosis, Rickettsia, and Burkholderia are among the illnesses for which diagnostics are being developed.

Chembio’s stock was trading at $2.06 on July 20. It has recorded a massive increase recently, surging on the back of good news: it is reportedly trading at $4.25 in the pre-market, representing a 105 percent increase.

CEMI’s collaboration with Bio-Manguinhos

Chembio Diagnostics (CEMI)

 

Bio-Manguinhos is a subsidiary of the Oswaldo Cruz Foundation (Fiocruz) who is in charge of researching and manufacturing vaccines, diagnostics, and biopharmaceuticals, principally for the Brazilian public health system.

The business stated today that it has received a $28.3 million purchase order from Bio-Manguinhos for their DPP SARS-CoV-2 Antigen testing kits, which will be delivered in 2021 to support the urgent needs of Brazil’s Ministry of Health in combating the COVID-19 pandemic.

Chembio has a long-time partnership with Bio-Manguinhos, having provided various products for COVID-19 antibody detection, and for the detection of HIV and other infectious illnesses.

Following ANVISA approval of the test for Chembio’s Brazilian business in November 2020, Bio-Manguinhos gained regulatory approval from Agência Nacional de Vigilância Sanitária (ANVISA) in March 2021.

Javan Esfandiari, Chembio’s Executive VP, Chief Science & Technology Officer said in an interview:

‘We are pleased to significantly expand our customer relationship with Bio-Manguinhos to address the testing needs surrounding COVID-19. Enabling providers to test patients at the point-of-care and determine their infection status in only 20 minutes can be one of the most effective methods for controlling the spread of COVID-19 and improving patient outcomes. 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. We are very proud to provide this test in Brazil and assist in efforts to manage the global pandemic.’

Types of COVID-19 tests purchased

DPP_SARS-CoV-2

 

Using a minimally invasive nose swab, the Antigen test identifies the SARS-CoV-2 antigen, which signals an active COVID-19 infection, in around 15-20 minutes time.

Through innovative multiplexing, the DPP platform can identify up to eight distinct test findings from a single patient sample.

Due to restrictions in Chembio’s supply chain, personnel, and liquidity, as well as other factors outside the company’s control, delivering the entire number of tests covered by the purchase order might be difficult.

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