Virax Biolabs Stock Rises on Mpox Europe and Middle East Test Deal

Dow Jones08-28

By Michael Susin

Virax Biolabs shares rallied on Wednesday after the company said it entered into a distribution agreement with a supplier of Mpox virus detection kits, without disclosing financial details around the deal.

Shares in premarket trading were up 27% to $6.2 and have more than quadrupled over the past three months.

The biotechnology company said it will sell the RT-PCR detection kits for the infectious disease formerly known as MonkeyPox, in 13 European countries as well as members of the Gulf Cooperation Council, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

The test performs with a sensitivity of 96.7% and specificity of 93.72%, with the ability to deliver results in under 70 minutes, it added.

The World Health Organization has declared Mpox a public health emergency of international concern for the second time in August 2024 after a new strain began to spread. It previously declared the emergency in May 2022.

According to the World Health Organization over 120 countries reported Mpox cases between Jan. 2022 and Aug. 2024, with over 100,000 laboratory-confirmed cases reported and over 220 deaths among the confirmed cases.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

August 28, 2024 09:05 ET (13:05 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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