Not trading related, but it is business/COVID-19 related.
Cellex was the first company to get emergency use authorization for COVID-19 testing way back in March/April 2020. At the time, the company had 15 employees, previous year revenue of $400,000 (at least that I could find online), and the headquarters was basically in a small shopping center in North Carolina.
Over the preceding 15-20 years, they had won a number of NIH grants, but the company had mainly done a few assays for HIV. So they were at least in the viral/infectious disease space.
The big deal was that the test only had a 55% positive predictive value….essentially a coin flip if the test actually meant you had COVID-19. Why was the FDA so quick to give such a marginal test unparalleled use?
I just thought it was curious that a private, small company that had not been very profitable won the golden egg for COVID testing. other, better tests now exist but it was a surprise for me. I'm guessing it was a payoff or political favor.
Back to trading….