Shares of Aytu Bioscience (AYTU) has skyrocketed 6% today on news that it has established a purchase relationship with a U.S. supplier of Emergency Use Authorization (EUA) authorized antigen tests.
The SEC filing goes on to say that the Company recently established a purchasing relationship with a U.S. supplier of Emergency Use Authorization (EUA) authorized antigen tests. Antigen tests rapidly detect the presence of the SARS-CoV-2 virus antigen via a nasopharyngeal swab and are used without laboratory equipment.
Demand for rapid antigen tests has increased in recent months across the U.S. While the Company maintains a distribution relationship to distribute the Pinnacle RAD Rapid Antigen Detection test upon receipt of an EUA, that test remains in the EUA process with the U.S. Food & Drug Administration.
Accordingly, the Company opportunistically purchased EUA rapid antigen tests to distribute to its customers. An initial shipment of EUA antigen tests has been received by the Company, and purchase orders have been fulfilled. The Company expects to sell the recently purchased EUA rapid antigen tests while awaiting EUA for the Pinnacle test. Sales from the newly acquired EUA tests are expected to contribute net revenue for the Company.
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