Virax Biolabs, Inc. (NASDAQ: VRAX) is engaged as a biotechnology company, which is focused on the prevention, detection and diagnosis of viruses and related diseases. Shares of the biotech company are rallying 37% through early trading on Thursday, November 3, 2022. Over the past three months, Virax has seen average daily volume of 1.92 million shares. However, volume of 37.73 million shares or dollar volume of around $86.78 million, has already exchanged hands through early trading.
Shares of Virax are surging after the company unveiled a new antigen rapid test kit that is capable of detecting three different viruses: respiratory syncytial virus (RSV), the flu and coronavirus. The company says the rapid test kits have been launched in markets that accept the CE mark, which is primarily the European Union.
The new test kits are viable for use at-home and in medical clinicals as a point-of-care diagnostic solution. Patients can expect to receive results from their rapid tests in 15 minutes. Specifically, the triple virus antigen test is an in vitro immunochromatographic assay, which provides qualitative and differential detection of nucleocapsid protein antigen from flu A/B, RSV and COVID-19 via nasal swabs.
While most people are familiar with the flu and coronavirus, RSV is a growing problem around the world. RSV is among the most common causes of infant hospitalizations and the virus has been known to impact the elderly just as severely. If not properly treated, RSV can lead to pneumonia, congestive heart failure, and other severe symptoms especially in people with preexisting conditions with the lungs.
Virax Chairman of the Board and Chief Executive Officer, James Foster commented: “The major industrialized economies are facing a triple threat this year through higher levels of RSV and influenza infections on top of the ongoing COVID-19 pandemic. Giving people the ability to test for all three at home will improve the ability of healthcare systems to manage these infections in a timely manner. This is a welcome addition to our ViraxClear line of tests.”
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