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20/20 to sell first & only FDA-authorized COVID-19 rapid antibody test for point-of-care use
20/20 GeneSystems recently ordered Assure Tech COVID-19 Rapid Test kits in order to sell them to pharmacies, urgent care centers, and doctor’s offices. Assure Tech is a biotech developer and manufacturer based in China – its kits recently received an emergency use authorization (EUA) from the FDA for point-of-care (POC) use with fingerstick blood samples. According to the FDA, “this authorization means that fingerstick blood samples can now be tested in POC settings like doctor’s offices, hospitals, urgent care centers and emergency rooms rather than having to be sent to a central lab for testing.”
“Authorizing POC serology tests will enable more timely and convenient results for individuals who want to understand if they have previously been infected with the virus that causes COVID-19” said FDA Commissioner Stephen M. Hahn, M.D.
This update is significant as it means 20/20 will be able to sell these tests for use at the point of care (vs in clinical laboratories), generating further revenue. The company has already sold 100k COVID-19 antibody tests to date.
After already having raised $2.43mm from over 935 investors, 20/20 will be ending its fundraise on SeedInvest in 23 days on Friday, October 30th. This will be the last chance to invest in the company on SeedInvest.