OraSure Secures $205M Contract For OTC COVID-19 Tests

  • The Defense Logistics Agency has awarded OraSure Technologies Inc OSUR a procurement contract for its InteliSwab COVID-19 Rapid Test for over-the-counter use.
  • Related Link: OraSure Stock Is Trading Lower As Q2 Earnings, Outlook Trail Estimates.
  • The estimated value of the contract is $205 million. Under the contract terms, OraSure will provide its InteliSwab COVID-19 Rapid Test to up to 25,000 sites throughout the U.S., and the U.S. federal government will fund the tests. 
  • The contract will run from October 2021 through September 2022.
  • InteliSwab is a simple test that uses an integrated swab to self-collect a sample from the lower nostrils. 
  • The result appears right on the test stick within 30 minutes, with no instruments, batteries, smartphone, or laboratory analysis needed. 
  • It has three FDA Emergency Use Authorizations for professional point-of-care use, prescription home use, and OTC use.
  • To meet the requirements in the contract, OraSure anticipates having significant incremental manufacturing and operating expenses in the second half of the fiscal year 2021. 
  • Price Action: OSUR stock is down 3.21% at $12.95 during the premarket session on the last check Monday.

Posted In: BriefsCOVID-19 CoronavirusDiagnosticsGovernmentNewsHealth CareContractsSmall CapMoversTrading IdeasGeneral

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