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FIND said it will announce agreements that will enable the distribution of more than 250 million rapid antigen tests per year to low- and middle-income countries.

The company said it had signed definitive agreements to sell $6.6 million of its American Depository Shares to undisclosed institutional investors.

The kit was jointly developed by Singapore's Agency for Science, Technology, and Research, Tan Tock Seng Hospital, and MiRxes.

The test has been authorized for use with individual respiratory specimens, as well as with pooled specimens containing up to five samples.

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The company said it would use the funding in part to expand its commercial teams in the US and China, as well as to pursue Chinese regulatory approvals.

The assay can be used to determine the immune status of COVID-19 patients and individuals who have been vaccinated against the virus, the company said.

Chia Tai Tianqing Pharmaceutical Group has agreed to copromote Genetron's HCCscreen test in hospitals where the pharma firm has an established presence.

The changes follow a strategic review and are part of the company's previously announced plans for growing its revenues and reducing costs. 

The test has been validated on many widely available RT-PCR instruments including ones from Thermo Fisher Scientific, Roche, and Qiagen.

Emerging technologies included biosensors, host response tests using different types of biomarkers, and new ways to make and develop antigen, antibody, and PCR tests.