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Monday, April 19, 2021

Bulls Take Charge of American Bio Medica Corporation (OTCMKTS: ABMC)

American Bio Medica Corporation (OTCMKTS: ABMC) is making big moves up the charts in recent months from a start point of $0.055 in March the stock recently exploded over the $1 mark with no stopping in sight. ABMC has quickly attracted legions of shareholders and has established itself as a volume leader.

Its easy to get excited about ABMC; its COVID-19 rapid test was authorized by the FDA on May 29 under an Emergency Use Authorization (EUA) for use by authorized laboratories and it is currently documented on the FDA website. Pursuant to the obtained May FDA/EUA approval, as confirmed via e-mails from CEO Melissa Waterhouse, ABMC has shipped well over 1.0 million test kits. A big investor in the Company is Mr. Stuart Sternberg, who is the owner of the MLB Tampa Bay Rays baseball team, and a seasoned hedge fund investor.

American Bio Medica Corporation (OTCMKTS: ABMC) manufactures and markets accurate, cost-effective immunoassay test kits, primarily point of collection tests for drugs of abuse. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. American Bio has a proven history based on a number of FDA approved products. The Company currently holds a GSA contract that is good through Jul 31, 2021.  A GSA contract allows government agencies to immediately purchase without the need to go to public bid.  Having a GSA contract is a big advantage to getting products out faster.

The Company owns a valuable patent portfolio including 8 active patents for System and procedure for lateral flow immunoassay tests. Device and method for testing biological samples. Device and method for testing biological samples (Europe). Extraction method and apparatus for high-sensitivity body fluid testing device. Assay device and process for the testing of fluid samples. Method for stimulating saliva production during oral sample collection and Lateral flow immunoassay device and method.

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ABMCABMC exploded off its $0.065 base back in March after the Company announced its new Rapid Test to detect Covid-19. According to the Company the test can be used for rapid screening of carriers of the virus that are symptomatic or asymptomatic and can be used across many markets including hospitals, clinics, and by employers and correctional institutions. The test is not available for consumer use and will be marketed in full compliance with the FDA guidance, including the required labeling indicating that antibody testing should not be used as the sole basis to diagnose or exclude a Covid-19 infection. Pursuant to the obtained May FDA/EUA approval, as confirmed via e-mails from CEO Melissa Waterhouse, ABMC has shipped over 1.0 million test kits and made $436,000.00 in profits. The aforementioned million test kits are not inclusive of the pre-approval test kits sold by ALERGINICOS, as since ABMC does not recognize revenues until the money hits the accounts per se, meaning they have a 60 day turnaround time, under GAAP guidelines, the aforementioned revenues will not be reflected until Q2.

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Currently running up the charts ABMC is an exciitng story developing in small caps; its COVID-19 rapid test was authorized by the FDA on May 29 under an Emergency Use Authorization (EUA) for use by authorized laboratories and it is currently documented on the FDA website. Pursuant to the obtained May FDA/EUA approval, as confirmed via e-mails from CEO Melissa Waterhouse, ABMC has shipped well over 1.0 million test kits. A big investor in the Company is Mr. Stuart Sternberg, who is the owner of the MLB Tampa Bay Rays baseball team, and a seasoned hedge fund investor. We will be updating on ABMC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ABMC.

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Disclosure: we hold no position in ABMC either long or short and we have not been compensated for this article.

Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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