LabCorp gets emergency use authorization for new type of COVID-19 molecular test

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LabCorp. said Friday it has been granted an emergency use authorization from the U.S. Food and Drug Administration for a new type of molecular test for COVID-19. The new test uses heat and technology to extract RNA from samples collected for COVID-19 testing and can improve the efficiency of testing, the company said in a statement. “The innovative heat extraction process, which has comparable sensitivity to current extraction methods, traps viral particles, eliminating the need for RNA extraction reagents to capture and concentrate viral nucleic acid,” said the statement. “This substantially improves testing efficiency and decreases LabCorp’s reliance on testing supplies – streamlining resources and further reducing the time needed to complete and report results for molecular tests.” An emergency use authorization is not a full FDA approval. Shares rose 1.7% premarket and have gained 10% in the year to date, while the S&P 500 has gained 4.6%.
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