Second Virus Wave Fears Create Growing Demand for Testing, Treatments and Vaccine Candidates
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NEW YORK, July 13, 2020 /PRNewswire/ -- Coronavirus cases continue to rise in the US this month as regulations lift, causing overambitious governors in several states to backpedal on previous claims. While the rest of the world prepares for a potential second wave, the US continues to struggle to get COVID-19 under control, calling forth urgent demand for rapid tests, treatments, and vaccine candidates. For the last several months, biotech companies big and small have been working to develop solutions to help curb the spread and treat those who have been infected. Vaxart, Inc. (NASDAQ:VXRT) is working on a potential vaccine, while Gilead Sciences Inc (NASDAQ:GILD) is focused on creating a treatment to shorten recovery time for severely ill COVID-19 patients. At the same time, Hologic, Inc. (NASDAQ:HOLX), Roche Holdings (OTCQX:RHHBY), and LexaGene Holdings Inc. (TSXV:LXG) (OTCQB:LXXGF) are creating COVID-19 tests that promise to deliver faster and more accurate results.
WHO Applauds the Efforts of COVID-19 Test Developers
In response to the growing COVID-19 pandemic, along with shortages of laboratory-based molecular testing capacity, numerous biotech companies have developed rapid and easy-to-use devices to facilitate testing outside of laboratory settings. These test kits are based on either the detection of proteins from the COVID-19 virus in respiratory samples or the detection of human antibodies generated in response to infection in a patient's blood or serum. The World Health Organization (WHO) is applauding the efforts of test developers, but with cases in the US and around the world rising, the need for faster and more accurate tests grows.
On January 27, long before the viral outbreak was labeled a pandemic by the WHO, LexaGene (LXG.V) (LXXGF.QB) addressed how its technology can be used to identify novel pathogens such as coronavirus and the company has continued to make headway in its development.
LexaGene just introduced its new flagship product MiQLab, a fully automated analyzer that can screen samples for up to 27 different pathogens and/or antimicrobial resistance factors at once and produces results in about one hour.
MiQLab offers a set of features not currently available in the market today. In particular, it is open-access, meaning those who currently spend hours manually performing polymerase chain reaction (PCR) because they have custom testing needs, will now be able to have MiQLab run those same tests in a fully automated fashion.
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