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Shares Of Chembio Falling After Co. Fails To Provide Timeline On Product Deployment

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Shares of biotech Chembio Diagnostics (NASDAQ: CEMI)  got a dramatic boost in the arm Monday morning. The Medford, NY, based firm announced a partnership with Integrated BioTherapeutics, Inc to develop and continue to maintain “...exclusive rights to any POC (Point of Care) product developed through [the company's] agreement.”   

 

Chembio will combine its patented DPP(R) technology with IBT's proprietary Ebola reagents to develop POC diagnostic tests for Ebola and febrile illness.

 

Benzinga placed a call to Chembio’s Investor Relations to get color on the timeline of product deployment, but have yet to hear back.

 

Concerns on the timeline, and costs of product deployment is providing resistance to the upside.

The company did offer a press release on Tuesday; however, this was related to tests for Dengue Fever and a specific type of cancer and not related to the item from Monday.

Shares, as of printing,  down 6% and trading  is at a robust pace. Volume is up over 60 percent, when compared to CEMI’s average 3 month trading volume.

Posted-In: News FDA Movers

 

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