Aytu Bio Soars On FDA Covid-19 Rapid Test Approval (AYTU)

Coronavirus

Shares of Aytu Bioscience Inc (NASDAQ:AYTU) jumped 40% in morning trading after the company announced FDA approval for its coronavirus rapid test.

The Engelwood, Colorado-based pharmaceutical firm said it may begin distributing its COVID-19 IgG/IgM Rapid Test – which according to the company delivers results between 2 and 10 minutes at the point-of-care – throughout the US and that it expects to receive delivery of the first shipment of 100,000 tests this week.

Aytu Bioscience also said that it is in discussions with healthcare distributors, healthcare institutions, medical practices and government agencies to quickly begin distributing the tests into the U.S. healthcare supply chain.

“With product now in transit to our warehouse in Colorado we’re optimistic that we can have test kits ready for sale in the very near term,” CEO Josh Disbrow said in a statement, noting that with product now in transit to their warehouse in Colorado-the company is optimistic that it will “have test kits ready for sale in the very near term.”

Price Action

As of writing, Aytu Bio shares are up $0.52, or 38%, to $1.89.

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