Chembio Diagnostics Inc (NASDAQ:CEMI) shares exploded in Monday trading.
Last week, the New York-state based company, a leading point-of-care diagnostic company focused on infectious diseases, announced of $4-million purchase order from the Partnership for Supply Chain Management (PFSCM), supported by The Global Fund, for the purchase of Chembio’s HIV 1/2 STAT-PAK Assay for shipment to Ethiopia into early 2022.
Chembio’s delivery of the full number of tests covered by the purchase order may be affected by limitations of Chembio’s supply chain, staffing, and liquidity, and other matters outside Chembio’s control.
The HIV 1/2 STAT-PAK Assay is a World Health Organization (WHO) prequalified, rapid point-of-care assay for the detection of HIV-1 and HIV-2 antibodies in fingerstick whole blood, venous whole blood, serum, or plasma. With 99.7% sensitivity and 99.9% specificity, the HIV 1/2 STAT-PAK Assay is the only HIV test that exceeds WHO performance thresholds according to an independent, multi-site study published in the Journal of the International AIDS Society in 2017.
Its innovative design can be performed in three simple steps with minimal training, requires only five microliters of blood, and includes a built-in biological control. A version of the HIV 1/2 STAT-PAK Assay for the U.S. market has received premarket approval (PMA) and a Clinical Laboratory Improvement Amendments (CLIA) waiver from the U.S. Food and Drug Administration.
“We are proud to continue our support of The Global Fund’s pursuit of UNAIDS’s ‘90-90-90’ targets,” said CEO Richard L. Eberly. “We look forward to working closely with PFSCM to continue the supply of our high-quality HIV tests to help the people of Ethiopia know their HIV status and obtain treatment.”
CEMI shares grabbed 28 cents, or 9.2%, to $3.34.