Abbott Laboratories Provides Update on ID NOW™ A Molecular Point-of-Care Rapid Test | Financial Buzz

Abbott Laboratories Provides Update on ID NOW™ A Molecular Point-of-Care Rapid Test

Abbott Laboratories (NYSE: ABT) announced that its ID NOW – molecular point-of-care rapid test available has become available and has been delivering reliable results. The Company claims that ID NOW delivers results in minutes rather than a day or more and is helping to reduce the risk of infection in society by detecting more positive results than would otherwise be found.

“We’re seeing studies being conducted to understand the role of ID NOW in ways that it was not designed to be used. In particular, the NYU study results are not consistent with other studies. While we’ve seen a few studies with sensitivity performance percentages in the 80s, we’ve also seen other studies with sensitivity at or above 90%, and one as high as 94%,” Abbott explained.

The Company further clarified their product information to provide better guidance to healthcare providers that negative results should be considered in the context of a patient’s recent exposures, history and the presence of clinical signs and symptoms consistent with COVID-19. Negative results should be presumed negative, but if inconsistent with clinical signs and symptoms or necessary for patient management, should be tested with an alternative molecular assay. Abbott is also reinforcing proper sample collection and handling instructions.  

Abbott has been working in collaboration with FDA throughout the Emergency Use Authorization (EUA) process. The ID NOW COVID-19 EUA has not been FDA cleared or approved. It has been authorized by the FDA under an emergency use authorization for use by authorized laboratories and patient care settings. The test has been authorized only for the detection of nucleic acid from SARS-CoV-2, not for any other viruses or pathogens, and is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostic tests for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Act, 21 U.S.C. § 360bbb-3(b)(1), unless the authorization is terminated or revoked sooner.