Qualigen Therapeutics (QLGN) is currently up 28% for it’s FDA notification of the distribution of Qualigen’s FastTrack® COVID-19 Coronavirus Antibody Test.
Now remember that this application has already been sent to the FDA for Emergency Use Authorization (“EUA”), but the notice allows Qualigen to continue sales even before the FDA approves or officially grants the EUA for the study. Qualigen expects the new test to commence sales and shipments in mid-July.
What’s Qualigen Therapeutics (QLGN)’s FastPack® COVID-19 coronavirus test all about?
The FastPack® COVID-19 antibody test is a chemiluminescent microparticle test intended for the qualitative detection (i.e., yes / no) of SARS-CoV-2 IgG antibodies in the blood to distinguish individuals with an adaptive immune response to the virus that causes COVID-19, suggesting recent or previous disease infection (which, as a practical matter, is considered to suggest immunity from re-infection). Qualigen’s FastPack® test uses a particular antigen, which is also used in their COVID-19 antibody tests by major testing companies including Abbott Laboratories, Roche Diagnostics and Bio-Rad Laboratories. FastPack®’s big advantage over research in large commercial labs.
Of the different options available, we chose to develop a test specific to the IgG antibody because IgG represents the long-term immune response. We believe our test’s combination of high speed and high accuracy provides the clinician with more useful and actionable information than other testing approaches, We believe that reliable, yet convenient testing at the point-of-care is critical to helping combat this virus and get Americans back to their normal routines.
Michael Poirier, CEO of Qualigen Therapeutics (QLGN)
Conclusion: Is Qualigen Therapeutics (QLGN) a lucrative investment?
Shares of Qualigen Therapeutics (QLGN) appear to be a very good investment option, with Wall Street analysts expecting its price to rise considerably in the next several months. The majority of the metrics point to this investment being highly attractive.
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