- The stock price of Applied DNA Sciences Inc (NASDAQ: APDN) increased by over 25% during intraday trading. This is why it happened.
The stock price of Applied DNA Sciences Inc (NASDAQ: APDN) – a leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing – increased by over 25% during intraday trading. Investors appear to be responding positively to Applied DNA Sciences announcing that its Applied DNA Clinical Labs, LLC (ADCL) subsidiary received CLIA (Clinical Laboratory Improvement Amendments) certification from the New York State Department of Health Clinical Laboratory Evaluation Program (CLEP) for COVID-19 testing using EUA-authorized methods and devices.
Through this certification, ADCL can now serve as a diagnostic laboratory to conduct high throughput diagnostic COVID-19 testing utilizing EUA-authorized testing platforms, including the Company’s Linea COVID-19 Assay Kit. ADCL’s CLIA certification umbrella includes its Limited Service Laboratory (LSL) certification for Point-of-Care testing using COVID-19 molecular and antigen assays and community screening applications for COVID-19 and influenza. And with certification, ADCL can now pursue diagnostic COVID-19 testing for regional healthcare providers and overflow business from third-party and hospital clinical labs. Certification will also allow ADCL to capture a greater percentage of the economics of its safeCircle™ service by conducting confirmatory diagnostic testing in-house.
KEY QUOTE:
“CLIA certification is the cornerstone of our ADCL strategy that serves to broaden our COVID-19 testing opportunity in the near-term while catalyzing additional diagnostic opportunities in the future. With certification in hand, we believe our capacity to process thousands of samples a day consistently, paired with the accuracy of our Assay Kit and its capacity for variant discrimination, and typically same-day-to-24-hour turnaround times, give us a very compelling market presence moving forward.”
— Dr. James A. Hayward, president and CEO, Applied DNA
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
