OraSure Wins $109M Contract To Increase COVID-19 Test Manufacturing Capacity

OraSure Technologies Inc OSUR has secured a $109 million contract from the U.S. Department of Defense to build additional manufacturing capacity in the U.S. for InteliSwab COVID-19 rapid tests.
Related: OraSure Secures $13.6M BARDA Funding For InteliSwab COVID-19 Test 510(k) Clearance and CLIA Waiver.
The federal funding will expand OraSure's production capacity by 100 million tests annually by March 2024.
An existing OraSure location in Bethlehem, Pennsylvania, will be retrofitted to accommodate increased manufacturing, and an additional new facility will be added in another U.S. location.
In addition to this contract, OraSure also has internally funded expansion plans to achieve 120 million tests annually by Q2 of 2022.
Related: FDA Establishes Additional Conditions Of Emergency Use Nod For COVID-19 Tests For Viral Mutations.
Price Action: OSUR stock is up 0.37% at $10.74 on the last check Monday.