Sorrento Therapeutics (NASDAQ:SRNE) climbs 4.5% after signing a licensing pact with Columbia University for the rights to a rapid one-step diagnostic test that detects SARS-CoV-2 virus in as little as 30 minutes from a saliva sample.
The test developed by Columbia’s team, to be marketed by Sorrento under the COVI-TRACE name, holds all of the testing materials in a single tube and requires no specialized laboratory equipment, making it easily deployable for point-of-care, on-site, or potentially at-home testing.
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