Precipio Inc (NASDAQ: PRPO) stock is headed for the top for the second consecutive session after the company announced the successful launch of its COVID-19 rapid antibody test. Here’s what’s happening:
PRPO Announces COVID-19 Test Launch
In the press release issued early yesterday morning, Precipio said that it has successfully launched its COVID-19 rapid antibody test. The test addresses both IgG & IgM antibodies and produces results in just 20 minutes.
In the release, the company said that it launched the test on the Amazon.com business platform. In fact the company holds the exclusive rights to distribute the product on Amazon.
The company said that the antibody test is manufactured in the United States by Nirmidas Biotech. Moreover, the test was the first US-based test to receive emergency use authorization by the FDA for point-of-care testing.
In a statement, Ilan Danieli, CEO at PRPO, had the following to offer:
The product is visible for sale on Amazon’s website and app (click here), per the EUA approval received for the test kit in December of 2020; however it may currently be purchased only by qualified medical point-of-care (POC) providers. Physicians and other medical facilities may now purchase these items directly from Amazon, and receive them within 2 business days.
We are very excited to be working with our partner Nirmidas to get this important rapid test on the largest retail platform in the world. We look forward to working with other retail outlets, as well as with Nirmidas to advance this product into at-home use, following the receipt of appropriate FDA authorization.
This Is Exciting News
At the moment, vaccines are rolling out a big way and it seems like COVID-19 will be behind us soon. However, the demand for testing is likely to continue in a big way.
At the end of the day, the virus has left significant scars, after forcing the masses to stay in their homes for months, restricting travel, and sending unemployment numbers skyrocketing. All-told the fear associated with the illness is likely to stick around for some time, leading to continued significant demand for testing.
Moreover, many experts have said that they expect COVID-19 to be an annual occurrence, just like the flu. Should this be the case, the demand for testing will continue for the long-haul, making this an even more valuable proposition.
The Bottom Line
The bottom line here is simple. Precipio has officially launched its COVID-19 rapid test on Amazon, and the demand for that test is likely to be significant. As a result, investors can look forward to strong revenues and potential profitability ahead, with each coming sales report acting as a potential catalyst for strong growth.