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Using a Cas13-based method, researchers at UCSB detected eight asymptomatic cases, while a single discrepant case had low estimated viral load.

Investors reacted favorably to a report Wednesday evening saying the Carlsbad, California-based firm is working with a financial advisor on a potential sale.

The test was previously cleared by the FDA for use with ethylenediaminetetraacetic acid plasma samples to manage BK virus in transplant patients.

Revenues were $4.49 billion, up from $2.95 billion in the same quarter last year and beating analysts' average estimate of $3.95 billion.

The test uses isothermal nucleic acid amplification to return results in 20 minutes at the point of care, and demonstrated 98 percent agreement with PCR testing.

The firm also announced a COVID-19 testing deal with George Mason University and a CyTOF supply and distribution agreement with Zhejiang PuLuoTing Health Technology in China.

The deal, which values Sema4 at approximately $2 billion and will deliver up to $793 million in gross proceeds, is expected to close during the second quarter.

VolitionRx, which develops epigenetic-based blood tests for cancer and other diseases, said it will use the proceeds of the offering for general corporate purposes.

The company believes reimbursement pressures and trends toward tighter insurance networks will continue to provide it with lab acquisition targets.

Newly emerged strains present considerations for labs ranging from concerns around test effectiveness to regulatory and reimbursement questions.