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The contracts are for two lateral flow rapid antigen tests, a laboratory-based test to detect and identify SARS-CoV-2 variants, and a rapid RT-PCR test.
The test runs on the firm's Curian rapid fluorescent immunoassay and detects four species of a common foodborne pathogen.
Of the 31 companies in the index, 11 firms saw their stock prices increase, while 20 saw their share prices decline.
The company, which had received a request from the FDA for more information on the test, is planning additional studies before resubmitting the application.
The firm's stock price has dropped since the announcement that the agency would need additional information and it has paused test shipments.
The firm's life science revenues increased nearly fivefold, while diagnostics revenues declined 13 percent year over year.
The funding will be used to increase production of SARS-CoV-2 test kits in Meridian's Canadian facility and to build a new two-line production facility in Ohio.
Growth was driven by demand in its life science segment, particularly for COVID-19-related products, while the diagnostics segment saw uneven improvement.
The agency also helped fund the development of the Revogene SARS-CoV-2 assay, which detects RNA targets directly from viral transport media without pre-dilution.
Life science product revenues nearly doubled, offsetting a continuing slide in the firm's diagnostics revenues.