Aytu Bioscience AYTU Stock News

Aytu BioScience Inc (NASDAQ: AYTU) is screaming for the top this morning. The stock is trading in multiples, up nearly 300% after announcing that it has entered into a license agreement surrounding the Wuhan coronavirus. Here’s what’s going on:

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AYTU Stock Flies On Coronavirus License News

As mentioned above, Aytu BioScience made a huge announcement this morning, sending the stock on gains in multiples. In the release, the company said that it signed an exclusive distribution agreement for the right to commercialize a clinically validated and commercially used COVID-19 IgG/IgM Rapid Test.

The company said that the test was licensed from L.B. Resources. L.B. Resources licensed North American rights from the product developer Zhejiang Orient Gene Biotech.

Importantly, the test is able to deliver clinical results in a period between 2 and 10 minutes and results are provided at point-of-care.

AYTU said that the agreement gives it the exclusive right to distribute the product in the United States for an initial period of three years. Following the initial three year period, the company has the ability to move forward with three-year renewals.

In a statement, Josh Disbrow, CEO at AYTI, had the following to offer:

The safety and health of every American is of paramount importance to the company as we face the threat of the coronavirus. We are excited to be able to work with U.S. regulatory authorities, and we will work to make this important test available in the U.S. as soon as possible. Coronavirus is a major global health concern, and we are proud to be in a position to help clinicians address this very serious public health concern.

This News Is Huge!

Lately, we’ve seen tremendous runs in value from OPKO Health (NASDAQ: OPK) and Enzo Biochem (NYSE: ENZ) as a result of news about diagnostic testing. However, Aytu BioScience is now going to blow their tests out of the water.

You see, both OPK and ENZ offer tests that require samples to be sent to the lab. These samples are then tested with results sent back. However, this is a very time consuming process, and when it comes to diagnostic testing in times of an epidemic, time is a big issue.

With the ability to produce results at point of care within 2 to 10 minutes, the test that AYTU will be distributing throughout the United States is overwhelmingly valuable. As such, the company will likely take the lead in United States diagnostic testing for COVID-19, making this an incredible investing opportunity.

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