OraSure Reports Government's Selection Of Its InteliSwab Test; Gets Federal Funding

(RTTNews) - OraSure Technologies, Inc. (OSUR) said it has been awarded a $109 million contract from the U.S. Department of Defense to build additional manufacturing capacity for InteliSwab COVID-19 rapid tests. InteliSwab is a simple test that rapidly detects COVID-19. The company noted that the agreement is part of the nation's pandemic preparedness plan.

OraSure said the federal funding will expand its production capacity by 100 million tests annually, by March 2024. The company also has internally funded expansion plans to achieve 120 million tests annually by the second quarter of 2022.

InteliSwab was granted three Emergency Use Authorizations by the FDA in June for professional point-of-care use, prescription home use, and over-the-counter use.

Shares of OraSure Technologies were up 10% in pre-market trade on Monday.