Virax Biolabs (NASDAQ: VRAX), a company that produces Mpox testing kits, saw its stock price increase by 45% after an announcement on Wednesday.
Virax has been granted the right to distribute RT-PCR Mpox tests in more than a dozen European nations and several Middle Eastern countries. The financial details of the deal were not revealed.
Virax stock has now traded at approximately 10 times the value it was trading for in late April.
Virax stocks need to be tested for Mpox.
Virax Biolabs could see a significant increase in revenue if they were to expand the sales of Mpox kits into these areas.
It is important to act quickly, because the World Health Organization has recently declared MonkeyPox an international public health crisis.
Over 120 countries reported Mpox confirmed cases in January 2022. The global death toll is over 220.
James Foster, Virax’s CEO, stressed the importance of this relationship in a Wednesday press release, saying:
Our partnership with our provider, a leading manufacturer of diagnostic equipment and reagents for pathogens that cause infectious diseases, highlights our commitment to reach at-risk populations across the globe.
Wall Street analysts do not cover Virax’s shares much despite this good news.
Virax Mpox detection kit: What do we know?
Virax Biolabs Mpox Test boasts specificity and sensitivity levels of 93.72%, with the results being available within 70 minutes.
The RTPCR test was approved for sale in Europe and by the UK Medicines and Healthcare Products Regulatory Agency.
Virax Mpox technology is likely to be significantly expanded across key markets as a result of the agreement.
VRAX is not attractive to income-oriented investors, even though its stock price has risen sharply today. The company currently does not pay a dividend.
Virax Biolabs Stock Soars by 45%: Mpox Detection Kit Deal: What You Need to Know may be updated as new information becomes available
