By Kimberly Chin

Chembio Diagnostics Inc. on Tuesday said it has submitted an emergency use authorization application with the Food and Drug Administration for its new rapid Covid-19 antigen test.

Chembio's shares rose 8.2% to $2.23 after hours following the news.

The diagnostic company's test can detect Covid-19 antigens from a nasal swab in 20 minutes using its proprietary DPP SARS-CoV-2 Antigen test system.

"Rapid point-of-care testing has proved to be one of the best tools for mitigating the spread of the virus as rapid results enable healthcare workers to initiate on-site patient management," President and Chief Executive Richard Eberly said.

The company has also received support from the Biomedical Advanced Research and Development Authority, which is a part of the U.S. Department of Health and Human Services' Office of the assistant secretary for preparedness and response.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

11-16-21 1800ET