Decision Diagnostics Stock Gains Further Momentum After a Distribution Agreement
One of the healthcare stocks that have been in the news in recent times is that of Decision Diagnostics Corp (OTCMKTS:DECN), and over the course of the past month, the stock has rallied strongly since the company managed to develop a COVID 19 test. The product in question is GenViro! Covid-19 10.5 Second Swift Kit and due to the rising demand for such fast testing kits, the Decision stock has soared by as much as 150% over the curse of the past month.
A Major Agreement
On Wednesday, the company made a major announcement with regard to a distribution agreement for GenViro! and that resulted in another strong rally as well.
The stock went up by as much as 21% after the announcement on Wednesday. In such a situation, it could be worthwhile for investors to take a closer look at the Decision stock and the events surrounding the company. On Wednesday, the company announced that it signed a distribution agreement with Global Swift Sensor Distribution for the GenViro! Covid-19 10.5 Second Swift Kit and other products that it manufactures.
Global Swift will be responsible for distributing GenViro and GenUltimate product on first to market but the non-exclusive basis in many countries. The countries include Australia, India, Indonesia, Vietnam, Nepal, Sri Lanka, Bangladesh, Thailand, Singapore, and Malaysia.
On top of that, Decision also stated that it is currently considering offers for distribution in Argentina and Brazil in the form of a combined contract. Distributor deals in the Philippines and Nigeria are also being worked upon, with the one for the latter being on the verge of completion.
The company also revealed that it is going to make two different packages of the GenViro! International Covid-19 Swift Kit for distribution in Southern and Central Asia. Distributor hubs for the same are going to be established in Singapore, Australia, and India. Decision Diagnostics also announced that it had made an application for a provisional patent for GenUltimate TBG technology.
Earlier on in July, the company published an open letter in which Decision Diagnostics asked for greater and faster support for innovative products that are being developed in the COVID 19 testing space. The company is currently working on its testing efforts outside the United States and has been actively seeking approval from the United States Food and Drug Administration for allowing testing in the country.
Keith Barman, the Chief Executive Officer of the company, stated that while the FDA has issued in excess of 100 EUA approvals so far, many other promising products have been relegated to the sidelines. It should be noted that it was back on June 12 that Decision had announced that it made a second amendment to its Emergency Use Application application with the FDA. The first application had gone in on April 3.
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