Omega Diagnostics shares rose nearly 20% on the same day the FDA warned against the use of the Innova COVID-19 rapid test.
As Innova is currently a major supplier to the UK and has established a presence, the FDA’s request to stop selling the SARS-CoV-2 antigen rapid qualitative test to Innova due to performance concerns is Omega Diag. Welcomed by Nostics shareholders.
The US governing body has warned the public to refrain from using each test for a number of important reasons.
These reasons include Innova’s distribution of tests in the United States with or without approval, as well as being associated with invalid performance data.
The FDA reportedly sent a letter to Innova today to emphasize the above, in parallel requesting those who took the exam to return or dispose of them. It is classified by the FDA as a Class 1 recall. This is the best of its kind.
The news could upset the UK government, which has spent billions of dollars on Innova to develop Innova domestically and develop a rapid COVID-19 test plan.
Omega recently confirmed that it is still waiting for a green light from the government to introduce a COVID-19 lateral flow test on the production line, but discussions with potential partners are underway. (Omega aims to appease shareholders as discussions with test partners are underway).
The stock price of ODX is currently 70p.
ODX shares skyrocket as FDA asks Innova to stop selling COVID-19 testing
Source link ODX shares skyrocket as FDA asks Innova to stop selling COVID-19 testing