QLGN stock moved higher in early trading on July 1, 2020, after the company announced its FastPack COVID-19 antibody test.
Qualigen Therapeutics, Inc. (NASDAQ: QLGN) (“Qualigen” or the “Company”) announces it has submitted an official notification to the U.S. Food and Drug Administration (“FDA”) to commence sales in the U.S. of the Company’s FastPack® SARS-CoV-2 IgG test for COVID-19 antibodies. This test has already been submitted to the FDA for Emergency Use Authorization (“EUA”), but the notification enables Qualigen to commence sales even before the FDA considers or formally grants the EUA for the test. Qualigen expects sales and shipments of the new test to begin in mid-July.
The FastPack® COVID-19 antibody test is a chemiluminescent microparticle test intended for the qualitative detection (i.e., yes/no) of SARS-CoV-2 IgG antibodies in blood to identify individuals with an adaptive immune response to the virus that causes COVID-19, indicating recent or prior infection of the disease (which, as a practical matter, is believed to be indicative of immunity against re-infection). Qualigen’s FastPack® test uses a specific protein that is also used by major diagnostics companies including Abbott Laboratories, Roche Diagnostics and Bio-Rad Laboratories in their COVID-19 antibody tests. The important advantage of FastPack® over testing in large commercial laboratories, however, is its ability to deliver accurate results far more rapidly, in this case under 10 minutes, in physician offices, clinics and hospitals.
“Of the different options available, we chose to develop a test specific to the IgG antibody because IgG represents the long-term immune response. We believe our test’s combination of high speed and high accuracy provides the clinician with more useful and actionable information than other testing approaches,” Michael Poirier, the Company’s CEO, explained. “We believe that reliable, yet convenient testing at the point-of-care is critical to helping combat this virus and get Americans back to their normal routines.”
The new test is designed for use with Qualigen’s new FastPack® PRO System point-of-care diagnostic instruments. The FastPack® PRO System is an upgraded version of Qualigen’s flagship FastPack® IP rapid immunoassay diagnostic point-of-care system.
Qualigen has been producing high-quality diagnostic testing products for almost 20 years, and has established a strong reputation for delivering highly accurate point-of-care tests that help save people’s lives.
The FastPack® System is a rapid and highly accurate immunoassay testing system consisting of the FastPack® Analyzer and the FastPack® test pouch (a single-use, disposable, foil packet that includes the FastPack® reagent chemistry). This “Laboratory in a Pouch” is installed in physician offices, clinics and small hospitals around the world, and quickly detects diseases and medical conditions at the point-of-care. Since the conception of the system, the Company has expanded its assay menu to 10 tests including tests for prostate cancer, thyroid function, metabolic disorders, antibodies against SARS-CoV-2, and research applications. Over the past 20 years, FastPack® has generated more than $100 million in commercial sales. Qualigen’s worldwide distributor for FastPack® is Sekisui Diagnostics, LLC, a subsidiary of a multibillion-dollar Japanese chemical and technology company; Sekisui, in turn, works with national distributors including McKesson Corporation and Henry Schein Inc.
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