Lucira Health Shares Double on Diagnostic Tests FDA Authorization

By Denny Jacob

Lucira Health Inc. shares doubled in after-hours trading Friday following the Food and Drug Administration's emergency use authorization for its diagnostic test.

The FDA said it authorized the Lucira COVID-19 & Flu Test, an over-the-counter at-home test that can differentiate and detect the flu and the virus that causes Covid-19.

"The FDA strongly supports innovation in test development, and we are eager to continue advancing greater access to at-home infectious disease testing to best support public health needs," said Jeff Shuren, director of the FDA's center for devices and radiological health.

Lucira, the publicly traded maker of at-home Covid-19 testing kits, this week filed for bankruptcy, saying an easing of pandemic restrictions has lowered demand for its products. The company, which lists $145.9 million in assets and $84.7 million in debt, said Wednesday it will look for a buyer while continuing to serve customers during chapter 11 proceedings in U.S. Bankruptcy Court in Wilmington, Del.

Shares rose 113% to 30 cents in aftermarket trading. The stock, which closed up 13% to 14 cents, is down about 97% over the last 12 months.

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

February 24, 2023 17:28 ET (22:28 GMT)

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