Stock Alert: SG Blocks Jumps 34% On Distribution Deal For COVID-19 Rapid Tests

(RTTNews) - Shares of SG Blocks, Inc. (SGBX), a fabricator of container-based structures, are surging almost 34 percent or $1.47 in Tuesday's morning trade at $5.80. The stock has traded in a range of $1.16 to $35.00 in the past 52 weeks.

Tuesday, SG Blocks said it signed an agreement with South Korea's OSANG Healthcare Co. or OHC to distribute COVID-19 rapid tests in the U.S. under OHC's FDA Emergency Use Authorization or EUA.

The one year, non-exclusive distributorship agreement for the U.S. is for OHC's GeneFinder COVID-19 Plus RealAmp Kit - a simple SARS-CoV-2 test for COVID-19.

The test kit is designed to detect SARS-CoV-2, the virus that causes COVID-19, through a gene-based reverse transcription reaction and real-time polymerase chain reaction (PCR) testing process that can provide up to 100 tests results in just over two hours, making them ideally suited to emergency, pop-up and point of care situations.

SG Blocks will have sales, marketing and distribution rights to OHC's product in the U.S. The company plans to leverage its customer base and relationships with federal government and state-level customers in particular, who are only beginning to roll-out widespread SARS-CoV-2 testing centers.