Enzo Biochem Shares Rise on FDA EUA for Rapid Extraction Method on Covid-19 Test

By Robb M. Stewart

Enzo Biochem Inc. has received emergency-use authorization that would allow laboratories to immediately use its faster extraction process in testing for Covid-19 and variants, sparking a jump in shares Tuesday.

In premarket trading, the shares were 12% higher after ending the previous session at $3.07, up 22% since the end of last year.

Enzo said the Food and Drug Administration's expansion of the emergency-use authorization for its rapid extraction method on a proprietary test system would reduce the process by more than one hour, allowing more tests to run on a single instrument.

"One of the most important considerations in this EUA is the fact that Enzo's tests successfully detect genetic variants of SARS-Cov-2 including the Delta and Lambda variants that are rapidly spreading throughout the world," Enzo Chief Executive Elazar Rabbani said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 20, 2021 09:21 ET (13:21 GMT)

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