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In a study published last month, Mammoth demonstrated the technology's sensitivity, specificity, and speed compared to PCR-based COVID-19 testing.
Children's Hospital Los Angeles used a SARS-CoV-2 sequencing panel to determine if patients had become infected from the same source as healthcare workers.
Fulgent saw a 75 percent increase year over year in billable tests, leading to revenues of $7.8 million. It also withdrew its 2020 full-year revenue guidance.
The researchers said their assay can be run in 30 to 45 minutes, with 95 percent positive predictive agreement and 100 percent negative predictive agreement.
The company, known for clinical chemistry and molecular biology diagnostic kits, is currently working on two test kits for SARS-CoV-2.
Labrador Diagnostics, a firm controlled by an investment group that acquired Theranos' IP, alleged BioFire's FilmArray products infringe two patents.
The company said its Liberty16 device is capable of detecting viral infection quickly, and can be deployed where other PCR instruments are too big to go.
The company said it expects to launch the Verigene II system with respiratory and gastrointestinal assays in the middle of this year.
The Shenzhen Mammoth Public Welfare Foundation, which BGI sponsors, has also raised funding to purchase PCR and automate sample preparation instruments.
While it continues to seek investments, the firm is also making preparations for an initial public offering on the Nasdaq First North exchange.