Stock Alert: Biomerica Surges 75%

(RTTNews) - Shares of medical diagnostic products maker Biomerica Inc. (BMRA) are surging more than 75 percent in the morning trade on Thursday at $18.07, extending strong gains from the previous day. The stock has traded in a range of $2.05 to $20.00 in the past 52 weeks.

Wednesday, Biomerica said it started shipping a 10-minute test for the COVID-19 virus exposure to countries outside the U.S. The test utilizes blood from a finger prick and can be performed anywhere by trained professionals, including at airports, schools and offices.

Biomerica said it began shipping initial samples of the COVID-19 IgG/IgM Rapid Test to multiple Ministries of Health and government agencies.

According to the company, this disposable point-of-care serology test is different than the current polymerase chain reaction or PCR tests in that initial studies indicate serology tests can identify if someone has been exposed to the COVID-19 virus.

It can also further detect if a person was recently infected with the disease even if they have never shown or are no longer showing symptoms. This can help health agencies focus on prior contacts of persons previously infected.

The company expects to sell the disposable, single-use devices for less than $10 per test.

Biomerica has filed a provisional patent on rapid test technology to identify multiple coronavirus strains, including the strain responsible for COVID-19.