In April 2020, Chembio’s Dual Path Platform COVID-19 antibody test was among the first such tests to be granted Emergency Use Authorization by the U.S. Food and Drug Administration. However, after the markets closed on June 16, 2020, the FDA issued a press release in which it announced that it had revoked the Emergency Use Authorization for Chembio’s Dual Path Platform antibody test “due to performance concerns with the accuracy of the test,” a determination that its “benefits no longer outweigh its risks,”and “a higher than expected rate of false results.” On this news, the price of Chembio stock fell $6.04 per share, approximately 61%, to close at $3.89 per share on June 17, 2020.
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