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FBB Biomed, cofounded by a diagnostics industry veteran, is attempting to develop a blood RNA test to predict COVID-19 disease severity.
The infectious disease testing firm has developed a sequencing-based coronavirus assay, which it plans to commercialize through its sister firm BioID Genomics.
The investment bank gave shares of the Temple City, California-based genetic testing company a buy rating and a $20 price target.
The study will compare whole-genome sequencing and RNA sequencing to conventional diagnostic methods in about 450 acute leukemia patients in Sweden.
The diagnostics firm is conducting a 1,000-person study to find T cell profiles associated with the immune response to COVID-19 and recovery from the disease.
The cancer test developer will use the funding to commercialize its enrichment-based NGS panels. An IVD test also got CE marked.
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.
Lexogen did not disclose the funding amount, but said it was one of €16 million ($17.4 million) in awards from the Austria Research Promotion Agency.
The US Court of Appeals for the Federal Circuit sent the case, which had been thrown out in December 2018, back to the trial court.
North Dakota-based MedScan Laboratory will collect patient samples and extract RNA for Fulgent's new NGS-based clinical assay for SARS-CoV-2.