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The test is based on the company's portable diagnostic platform and can qualitatively detect Zika RNA in human serum.
The test will leverage Chembio's DPP technology platform to detect multiple diseases simultaneously.
The method uses graphene-coated silica particles fused to complementary RNA to register impedance changes in the presence of viruses.
The company will use the funds to work in collaboration with George Mason University to apply its technology to detecting viruses in non-invasive samples.
The test addresses a major challenge of using an immunoassay for diagnosing Zika — the inability to differentiate it from other flaviviruses.
The FDA granted Abbott Emergency Use Authorization for the assay in serum, plasma, and urine in November.
The firm said that it is on track to seek FDA approval for a liquid cytology solution early this year.
The test expands the firm's Zika product pipeline, which also consists of a molecular assay authorized for emergency use.
FDA's alert said that the CDC confirmed less than half of the results that were presumed positive by LabCorp using the ZIKV Detect test.
Hologic CEO Steve MacMillan said that the deal is so compelling that the firm needed to do it now.