The Lucira Health Inc (NASDAQ: LHDX) stock price soared 235% after the U.S. Food and Drug Administration (FDA) granted emergency use authorization (EUA) for its Lucira COVID-19 & Flu Home Test for over-the-counter (OTC) use at home and other non-laboratory sites.
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The decision was lauded by many industry stakeholders, given that this is the first at-home test that can both diagnose the Flu and COVID-19. While the two viruses are similar, their modes of treatment are different, and early diagnosis of the same can save lives as patients can be treated with the proper medications from the very beginning.
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Lucira noted that many people are unaware that prescription antiviral medications can treat both COVID-19 and the Flu, so long as the two viruses are correctly identified. The approval of the Lucira COVID-19 and FLu test marks a significant milestone for American consumers who can now tell whether they are sick with the Flu or COVID-19 using the at-home test.
Unfortunately for Lucira, the medical devices company had to file for chapter 11 bankruptcy protection on Wednesday, February 22, 2023, since it was unaware that the FDA was about to grant its home test Emergency Use Authorisation (EUA) while allowing it to be sold over the counter (OTC) for at-home use.
It is unlikely that the company would have filed for chapter 11 bankruptcy protection if it had known of the upcoming FDA decision two days later. Therefore, the company seeks a strategic or financial partner to help it resume production and develop more home diagnostic products.
Meanwhile, the company hailed the experience of its small team of experts for developing the two-in-one test that performs just as well as the much more expensive laboratory-based PCR tests, which were the only Flu tests available for Americans in the past.
Erik Engelson, Lucira Health’s President and CEO, said: “Our small but experienced team at Lucira has again demonstrated the versatility of our technology platform by introducing this first-of-its-kind innovation in clinically relevant at-home diagnostics to the marketplace. The authorization of the COVID-19 & Flu Home Test with OTC label is another example of how Lucira is helping to transform the future promise of home-based, fast, accurate diagnostics into a reality.”
*This is not investment advice.
Lucira Health (LHDX) stock price.
The Lucira Health stock price soared 235.00% to trade at $0.4690, from Friday’s closing price of $0.1400.
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