Fluidigm (NASDAQ:FLDM) news for Wednesday concerning it receiving Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) to test for the novel coronavirus has FLDM stock rocketing higher.
A Fluidigm news release reveals that the EUA from the FDA is for its Advanta Dx SARS-CoV-2 RT-PCR Assay. This is a saliva test developed by the company that can detect nucleic acid from the coronavirus.
Fluidigm’s saliva-based test offers easy testing for the coronavirus. That alone is a benefit over the current tests, which force patients to undergo a nasal swab to test for the virus. The company believes this will also allow it to extend testing to more locations.
Chris Linthwaite, president and CEO of Fluidigm, said the following about the news.
“We have a high degree of confidence that this new test will not only enhance testing capacity but will also significantly improve speed to results and scale. The ease of use for health care providers and patients alike will enable improved testing access to the global population. Fluidigm is excited to commercialize this easily administered saliva-based COVID-19 test during a critical phase of the pandemic.”
Fluidigm also notes that accuracy isn’t a concern for its tests. The clinical trial submitted to the FDA for the EUA saw its saliva results match 100% with results from nasal swabs.
FLDM stock was up 29.9% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.