In This Article:
3M Co (NYSE: MMM) is working with Massachusetts Institute of Technology researchers to explore the viability and accuracy of a new rapid test for COVID-19 that could potentially provide accurate diagnosis in minutes and is suitable for mass manufacturing.
What Happened
The rapid test has been selected for accelerated development and commercialization support by the United States National Institute of Health, the company said in a statement.
The NIH's COVID-19 diagnostics initiative, the Rapid Acceleration of Diagnostics, has also granted $500,000 in validation funding to the project.
Commenting on the collaboration with the team at MIT, John Banovetz, 3M’s Chief Technology Officer, said, “This is another step demonstrating 3M’s leadership in the fight against COVID-19. We are seeking to improve the speed, accessibility and affordability of testing for the virus, a major step in helping to prevent its spread.”
The 3M and MIT teams believe that millions of units of the test can be produced each day, once it has been validated.
Why It Matters
The United States had the highest number of COVID-19 cases in the world at 3,429,072, with 136,440 fatalities, according to the Johns Hopkins Coronavirus Resource Center.
Health experts have emphasized on the need to increase rapid coronavirus testing as a measure against the spread of the virus, especially in the absence of a confirmed vaccine.
Price Action
3M shares traded 0.9% higher at $160 in the pre-market session on Wednesday.
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