After weeks of flirting with the heights hit before COVID-19 ravaged the markets, medtech stocks finally topped the pre-pandemic high last week. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — spiked up to 93.11 points on Sep. 2, nearly a full point ahead of the pre-pandemic high of […]
Genomics/Molecular Diagnostics
Report: Abbott to hire 2,000 in Illinois to make rapid COVID-19 test
Abbott (NYSE:ABT) is reportedly set to hire 2,000 new employees to increase manufacturing for its rapid COVID-19 test. The Chicago Sun-Times reported last week that the Abbot Park, Ill.-based company would be adding jobs at its Gurnee, Ill., facility following the FDA emergency use authorization (EUA) for its BinaxNow COVID-19 Ag Card and the subsequent announcement […]
NIH to boost COVID-19 testing capabilities
The National Institutes of Health announced a $129.3 million plan to support scaling and manufacturing for COVID-19 tests. As part of its Rapid Acceleration of Diagnostics (RADx) initiative, NIH is awarding contracts to nine companies for their technologies that include portable point-of-care tests for immediate results and high-throughput laboratories that can produce results in 24 […]
Report: Feds to send Abbott’s rapid tests to states for school reopenings
The U.S. government is reportedly set to use rapid COVID-19 tests it purchased from Abbott (NYSE:ABT) for school reopenings. Reuters reported that the feds will send an “overwhelming majority” of Abbott’s tests to governors and state territories to support school reopenings and other critical tasks, according to a Trump administration official. The administration struck a $750 […]
FDA authorizes mobile COVID-19 test kit
The FDA has issued emergency use authorization (EUA) for a mobile COVID-19 test kit developed by handheld detection system maker DetectaChem. Stafford, Texas-based DetectaChem develops the MobileDetect Bio BCC19 test kit is designed to test for the detection of nucleic acid from SARS-CoV-2 in nasopharyngeal, anterior nasal swabs, mid-turbinate nasal swabs and oropharyngeal swab specimens. […]
T2 Biosystems wins EUA for COVID-19 molecular diagnostic test
T2 Biosystems (NSDQ:TTOO) announced that it received FDA emergency use authorization (EUA) for its COVID-19 test. Lexington, Mass.-based T2 Biosystems’ T2SARS-CoV-2 Panel is a molecular diagnostic test for detecting SARS-CoV-2, the virus causing COVID-19. The company said in a news release that the test is capable of providing results in under two hours using a nasopharyngeal […]
MedTech 100 roundup: Industry reaches new heights again
The past month has seen a resurgence from medtech companies in the markets and last week saw the best performance yet. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 90.78 points at the end of last week (Aug. 28). Overall, medtech stocks saw a 1.3% increase […]
Thermo Fisher opens plant to make COVID-19 testing supplies
Thermo Fisher Scientific (NYSE:TMO) announced today that it has opened its $40 million manufacturing facility in Lenexa, Kan. The facility is dedicated to viral transport media (VTM) but will continue to expand to meet expected demand for COVID-19 testing, according to a news release. In May, Thermo Fisher received a U.S. government contract to provide a […]
Large study of rapid COVID-19 tests concludes with plea for more studies
A large review of the results from rapid point-of-care COVID-19 tests found inconclusive evidence of their accuracy and led to a plea for more studies. The researchers at Cochrane sought to determine if rapid point-of-care antigen and molecular tests for COVID-19 are accurate enough to replace RT-PCR tests, which require laboratory analysis to diagnose infection. […]
The top 5 MassDevice stories of the week — August 28, 2020
As earnings season concludes and the COVID-19 pandemic roars on, medtech companies continue to find new ways to make waves. This week’s top five MassDevice stories showcase how companies are operating in the “new normal,” as they look toward the post-pandemic future, whenever that may arrive. Strong quarterly earnings, big funding rounds and new innovations in […]
BREAKING: U.S. to reportedly pay Abbott $750M for new COVID-19 tests
Multiple reports have said President Trump will announce a $750 million deal with Abbott (NYSE:ABT) for 150 million of its rapid COVID-19 antigen tests. As first reported by Politico before being confirmed by other outlets, a White House official said that Trump will announce the deal tonight, using his speech at the Republican National Convention to […]