The positive news from the last week kept the shares of Abaxis Inc (NASDAQ:ABAX) up yesterday as well. The company engaged in manufacturing of consumables and point-of-care instruments for the research, medical and veterinary markets said that it earned approval of the U.S. Department of Agriculture (USDA) for its VetScan Anaplasma Rapita Test Kit.
Approval of rapid test kit
The news release highlighted that the Center for Veterinary Biologicals of USDA approved the company’s VetScan Rapid test kit, which is used for the detection of bacteria in canine plasma, blood or serum samples. The kit helps to identify the presence of Gram-negative bacteria, namely, Anaplasma phagocyte helium and A. platys in canine. These bacteria are transmitted by ticks in animals, particularly dogs. The disease, anaplasmosis, caused by these bacteria leads to bruising of belly and gums and nosebleeds in dogs.
Will continue to make diagnosis easier
Abaxis Inc (NASDAQ:ABAX)’s chairman, president and CEO, Clint Severson commented on the progress stating that the approval marks the conclusion of the first phase of the company’s vector-borne disease rapid tests meant for dogs. He added that the Veterinarian now have the liberty to choose the most appropriate diagnostic test through combining the approved test with any of the geographically relevant test. Severson said that it would save practice for a Veteran and cost for the pet owner. Also, he indicated that the company will continue to explore and develop cost-effective, rapid tests so as to help the veterinarian diagnose the disease of their patients easily.
Meanwhile, Dr. Rajesh Mehra, who is director of research and development at Abaxis Inc (NASDAQ:ABAX) said that the USDA approval has allowed the company to offer a complete assessment test kit for tick-borne diseases. Following the positive development, the stock of the company climbed up by 1.52% on Monday to close at $63.34.
Abaxis Inc (NASDAQ:ABAX) is currently trading at $62.18 after losing 1.83%.