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Abbott Laboratories gets FDA approval on its coronavirus test m2000 RealTime System, which takes a 5-minute minimum to get the results. ABT stock rose nearly 2% after hours to trade around $76 though on Monday its price was $62.
Abbott Laboratories (NYSE: ABT) announced on Friday that it has received the approval of its rapid COVID-19 test from the U.S. Food and Drug Administration. According to the company, the molecular point-of-care test will be run with their portable called ID now. This will enable health care workers to test for coronavirus in a person within five minutes, and besides, they will be in a position to determine a negative result in less than thirteen minutes.
Though it closed yesterday with a 1.65% fall, Abbott (ABT) stock drastically rose from the lows by about 2% to trade at $76.21 after hours. The gain was significantly impressive after putting into perspective that the stares had wiped out all the gains made in 2019 within a month. As a result, the rise has made the stock recover almost half of the lost value since last year.
U.S. Set to Reap Benefits from Abbott Laboratories Coronavirus Test Kit
The companies which specialize in medical devices, diagnostics, branded generic medicines and also nutritional products. In the past few months, the company has been working on the device which will facilitate a faster testing process of the coronavirus in the country.
By the time of writing, the United States had reported more coronavirus cases than ground zero, China. This is after the confirmed cases hit 100,000 plus, as the global figure approaches 600,000. States like New York, California and Washington DC are struggling to tame the virus that is spreading faster than the health system can cope up.
With the stimulus bill expected to hit the ground soon, states can now add the Abbott rapid COVID-19 test into their ammunition. According to the Vice President of Research and Development at Abbott Diagnostic, John Frels, the company plans to supply 50, 000 test kits a day beginning April 1. He added that ‘this is really going to provide a tremendous opportunity for front-line caregivers, those having to diagnose a lot of infections, to close the gap with our testing.’ He concluded that any clinic now will be in a position to turn the test results quickly as the patient is waiting.
How Abbott Coronavirus Test Works
According to the company, the molecular test looks for fragments of the coronavirus genome. This can be detected in five minutes if the virus is present in high levels. However, a thorough search to definitively rule out infection is scheduled to take up to 13 minutes.
The test begins with a health care worker taking a swab from the nose of a patient, or even from the back of the throat. The sample is then mixed with a clinical solution that breaks open the coronavirus in order to release its RNA. Then the mixture is put into the ID Now system to identify and amplify select sequences of the COVID-19 genome, whereas, ignoring contamination from other possible viruses.