South Korean test kit makers swamped as coronavirus cases explode in U.S., Europe

South Korean test kit makers swamped as coronavirus cases explode in U.S., Europe

South Korean test kit makers swamped as coronavirus cases explode in U.S., Europe
Heekyong Yang, Hyunjoo Jin
SEOUL, South Korea (Reuters) – Last year, South Korean biotech firm SolGent made diagnostic kits for 300,000 tests. Today, it is churning out more than that in a week, and production will further rise to 400,000 coronavirus tests next week.

FILE PHOTO: Materials for a rapid test kit for coronavirus (COVID-19) are displayed at a laboratory in Ankara, Turkey, March 21, 2020. Turkish Health Ministry/Handout via REUTERS
That’s still not fast enough to meet surging demand for the kits from all over the world, especially the United States and Europe, where the coronavirus outbreak is spreading explosively, SolGent CEO You Jae-hyung told Reuters.

SolGent, which is one of the five firms that have received fast-track approval to make test kits for South Korea, is capitalizing on the country’s success in containing its outbreak to boost exports, with cases slowing down at home.

It parent, EDGC (245620.KQ), is among the top performing stocks on the junior Kosdaq market, with shares jumping 151% so far this year. SolGent is also speeding up a plan for an IPO next year, You said.

“The number of orders is simply astonishing. This is not something we have ever experienced before,” he said.

Editing:
Gemantara.com

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