Aytu Bioscience AYTU Stock News

Aytu BioScience Inc (NASDAQ: AYTU) is flying in the market this morning. The stock is trading on gains of over 40% after the company announced that it will be commercializing a rapid test for COVID-19. Here’s what’s happening:

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AYTU Stock Rockets On Coronavirus Test Commercialization

In a press release issued early this morning, Aytu BioScience said that it has received confirmation from the FDA that it can begin the distribution of its Coronavirus Disease 2019 diagnostic test. The test is a Rapid Test, providing results in 2 to 10 minutes at the point of care.

In the release, AYTU said that it will begin the delivery of the first 100,000 tests this week. Moreover, the company is working with healthcare distributers, institutions, medical practices, and government agencies to build out a strong supply chain.

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

We are moving as quickly as we can to bring the COVID-19 IgG/IgM Rapid Test to the U.S. professional medical community. With product now in transit to our warehouse in Colorado we’re optimistic that we can have test kits ready for sale in the very near term. In the two short weeks since signing our distribution agreement, we have ordered our first 100,000 tests and have received confirmation from FDA that we may begin distribution. We are optimistic that we’re now just days away from placing these COVID-19 test kits into the hands of healthcare professionals.

Why This News Is So Exciting

The coronavirus is a serious pandemic. Several cities around the United States have issued “Stay at Home” or “Shelter in Place” orders. Schools across the United States have shut their doors. Churches have closed down or moved to a digital format. Life in the United States is changing as we know it.

At the same time, scientists are working to find the solution. Of course, a very important part of this solution is diagnostic testing, and it can’t happen fast enough. The quicker we can diagnose those infected, the quicker we can treat and quarantine these patients, creating an opporptunity to slow the spread of the condition. This is where AYTU comes in.

Aytu Bioscience’s Rapid Test for the detection of COVID-19 is a very accurate test that provides results quickly. That’s exactly what the medical community needs. With the first 100,000 of these tests already being shipped out, AYTU seems ready to meet the strong demand that it is likely to see.

Moreover, with discussions in place with various members of the health care community, both public and private, the commercialization of these tests is likely to be incredibly successful, making this stock one that’s hard to ignore.

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