Adial pharmaceuticals [NASDAQ:ADIL] a company specialized in developing addictions treatments is in a breakout. This came after the company announced that the FDA has issued an emergency use authorization (EUA) for the company to use Assure/FaStep COVID-19 IgG/IgM Rapid Test Device. This test will be the first of its kind that will see the company use fingerstick blood samples to test for Covid-19. The existing test makes use of Serum, plasma, or a venous blood draw.
Following the EUA authorization, it will now be possible to use fingerstick with the FaStep COVID-19 IgG/IgM Rapid Test Device at POC settings as long as there is a qualified healthcare professional. Such sites include emergency rooms, offices, and hospitals among other areas. This test was first authorized for use in emergency settings around July 2020 to test for the presence of SARS-CoV-2 antibodies. The indication of these antibodies showed prior COVID-19 inspection. The test has just been waiting for the authorization to use fingerstick blood samples.
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Adial has already begun selling the test kits to health care institutions and providers. They are selling them through the iRemedy Healthcare Companies, inc. Network and ecommerce platform. The kits in distribution are suitable for the detection of IgG and IgM antibodies of the SARS-CoV-2 virus using fingerstick whole blood samples, plasma, serum as well as venous whole blood. In the testing process, the sample reacts with antigen-coated particles within the kit’s test cassette. You are required to drop some blood from the subject on the test cassette’s coated membrane.
According to William Stilley, the Chief Executive Officer of Adial Pharmaceuticals FDA issuance of the EUA for the point-of-care antibody test for COVID-19 will go a long way in creating a competitive advantage which would spark more interest in the Assure/FaStep COVID-19 IgG/IgM Rapid Test Devise. Healthcare providers will soon see the need, efficiency, and reliability of this method as a way of controlling and managing COVID-19. He says that he foresees increased demand for the antibody test kits and projects the market for the same to hit $3.52 billion by the end of this year, 2020.
Who is Adial Pharmaceuticals, Inc.?
Adial Pharmaceuticals is a clinical-stage biopharmaceutical company that specializes in manufacturing treatments to cure various addictions. They currently have a new product in its developmental stage called ADO4 that they will use to treat Alcohol Use Disorder (AUD). The drug product has already passed phase 2b and is currently in phase 3 clinical trials and showing promising results. The company expects the drug to be suitable to help reduce the frequency and the quantity of drinking without any health side effects. They also expect it to treat other addictive disorders such as obesity, gambling, and opioid use.