Sorrento Therapeutics' Covistix rapid tests outperforms in detecting omicron variant in initial lab tests

Dow Jones2021-12-27

MW Sorrento Therapeutics' Covistix rapid tests outperforms in detecting omicron variant in initial lab tests

Sorrento Therapeutics Inc. (SRNE) said Monday that "initial" laboratory testing of its Covistix COVID-19 virus rapid antigen detection test "significantly outperforms" in the detection of the omicron variant. The stock slipped 1.1% in morning trading. The company said Covistix, which is currently approved in Mexico and Brazil and is CE marked in Europe, was able to detect the omicron N protein "at a significantly lower level" than other commercially available tests in a laboratory setting, and in an in-field, real-world study for all-comers showed 20% higher sensitivity compared with a "leading global brand." Sorrento said it is building a new U.S. production facility in San Diego targeting an initial capacity of six million Covistix tests per month. Earlier, the company announced a deal to distribute up to 10 million of its Covistix tests in Mexico, bringing the total number of tests for distribution to 15 million. The stock has tumbled 30.4% over the past three months, while the iShares Biotechnology ETF $(IBB)$ has lost 8.4% and the S&P 500 has gained 6.9%.

-Tomi Kilgore

 

$(END)$ Dow Jones Newswires

December 27, 2021 09:42 ET (14:42 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
1