Biomerica Inc. (NASDAQ: BMRA) stock declined by 17.23% at last close but later in pre-market session the BMRA stock soars by 13.78%. Biomerica is a multinational biomedical technology corporation that develops, licenses, produces, and distributes specialized diagnostic and medicinal devices for use at the point of care (at home and in doctors’ offices) as well as in hospital/clinical laboratories for the diagnosis and/or treatment of medical disorders and diseases.
What is happening?
BMRA announced today that the recent COVID-19 Antigen Rapid Test from BMRA can now be done with a clear nasal swab, which is less invasive. Patients will find this quick nasal swab, which takes a sample from the front opening of the nose, to be less painful and more relaxed than the traditional deep anterior nasal swab. The test is extremely compact, cost-effective, and offers visual results, so no special equipment is needed to execute or read it. The test also delivers findings in 15 minutes, as opposed to three days for lab-run PCR samples, theoretically speeding up the process of detecting infected individuals and avoiding further virus transmission.
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The Biomerica COVID-19 Rapid Antigen Test is designed to recognize individuals who are already infected with the virus and can be quarantined to further deter the disease from spreading further. To perform the test or read the results, no lab equipment is needed. This test employs lateral flow technology, making it a safe and standard format for healthcare providers to use in mass training.
About this, Zack Irani, CEO at Biomerica, said:
COVID-19 technology will be around even after the pandemic is over, so ensuring that health care providers have a quick, accurate testing approach is critical. BMRA’s nasal swab test is easy to use, precise, and convenient to carry around. Although BMRA will continue to use and extend their diagnostic expertise to COVID-19 samples, the primary goal will be the validation and commercialization of their In Foods diagnostic platform. BMRA thinks that InFoods is a game-changing solution to diagnosing and treating Irritable Bowel Syndrome and other gastrointestinal disorders, and they’re working hard to get these drugs to market.