Fox News medical correspondent Dr. Marc Siegel on Abbott’s new rapid coronavirus test.
The White House on Thursday announced a $ 750 million deal with Abbott Laboratories to buy $ 150 million from its new rapid coronavirus test, the BinaxNOW COVID-19 Ag card.
“This is a major development that will help save more lives by protecting the most vulnerable America and opening up our country, getting Americans back to work, and getting children back to school,” the White House said. in a statement. “Under President Trump, the United States is leading the world in testing and developing a wide range of trusted tests.”
The $ 5 test, which is about the size of a credit card, is administered by a health care provider using a nasal swab.
FDA GREENLIGHTS ABBOTT’S NEW $ 5 CORONAVIRUS TEST THAT DELIVERES RESULTS WITHIN 15 MINUTES
BinaxNow uses lateral flow technology, similar to a home pregnancy test, to look for virus proteins and is intended to be used by patients within seven days of experiencing coronavirus symptoms. The test can give results up to 15 minutes.
Abbott’s BinaxNOW ™ COVID-19 Ag Card is a fast, reliable and affordable tool for detecting massively active coronavirus infections. (Photo courtesy of Abbott Laboratories)
According to Abbott, the test has a demonstrated sensitivity, if the percentage of positive cases it can accurately detect, of about 97%.
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With the help of a free app called NAVICA, those looking to return to work or school can view a digital health card via a QR code showing their negative test result.
NAVICA ™ is a free complementary phone app that lets people view their BinaxNOW test results. (Photo courtesy of Abbott Laboratories)
Through Operation Warp Speed and in collaboration with Abbott Laboratories, the production of the test will be increased to 50 million tests per month.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| ABT | ABBOTT LABORATORY | 111.29 | +8.10 | + 7.85% |
BinaxNOW is the sixth test that Abbott has launched in the US to help combat the coronavirus pandemic. To date, the company has delivered more than 27 million COVID-19 tests in the United States, including 14 million detection tests and 13 million antibody tests.
Abbott’s stock closed at $ 111.29 a share, rising nearly 8 percent at the end of Thursday’s trading session.
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