Benzinga | Jul 21, 2021 05:36AM EDT

Chembio Stock More Than Doubles On $28M Purchase Order For Its COVID Antigen Tests

Chembio Diagnostics Inc (NASDAQ:CEMI) received a $28.3 million purchase order from Brazil's Bio-Manguinhos to purchase Chembio's DPP SARS-CoV-2 Antigen tests for delivery during 2021.

* The Antigen test detects the SARS-CoV-2 antigen, which indicates an active COVID-19 infection, in 15-20 minutes using a minimally invasive nasal swab.

* The DPP platform can detect up to eight different test results from a single patient sample through advanced multiplexing.

* Bio-Manguinhos, a subsidiary of the Oswaldo Cruz Foundation (Fiocruz), is responsible for developing and producing vaccines, diagnostics, and biopharmaceuticals, primarily to meet the demands of Brazil's national public health system.

* Price Action: CEMI shares are up 109.7% at $4.32 during the premarket session on the last check Wednesday.