American Bio Medica Corporation (OTCMKTS: ABMC) is among the most exciting stories in small caps that saw a historic rise from $0.055 start point to highs of $1.26 earlier this year after the Company’s COVID-19 rapid test was authorized by the FDA under an Emergency Use Authorization (EUA) for use by authorized laboratories and is documented on the FDA website. ABMC has seen some choppy waters since than dropping below the $0.20 mark before a recent upwards surge in price and volume.
American Bio has been selling some of the world’s most effective point of collection tests for drug abuse for years and has significant established revenue streams from GSA government contracts. The Company is also backed by institutional investor; Stuart Sternberg, who is the owner of the MLB Tampa Bay Rays baseball team, and a seasoned hedge fund investor. Penny stock speculators noting the recent historic rise to $1.26 are accumulating at current levels.
American Bio Medica Corporation (OTCMKTS: ABMC) operating out of Kinderhook, New York is a biotechnology company that develops, manufactures, and markets accurate, cost-effective immunoassay test kits, including some of the world’s most effective point of collection tests for drugs of abuse. American Bio Medica Corporation (formerly American Micro Media Inc) was founded in 1992. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. American Bio has a long proven history based on all the FDA approved products totaling over 100. The Company currently holds a GSA contract that is currently good through Jul 31, 2021. GSA Schedules (also referred to as Multiple Award Schedules (MAS) and Federal Supply Schedules) are long-term government wide contracts with commercial firms providing federal, state, and local government buyers access to more than 11 million commercial supplies (products) and services at volume discount pricing. A GSA contract allows government agencies to immediately purchase without the need to go to public bid.
ABMC 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.
The Company is led by CEO Melissa Waterhouse who joined ABMC in December 1997. Since that time she has held various management positions in Investor Relations, Marketing and Public Relations. She served as the Company’s Corporate Secretary from September 2003 until her interim appointment as Chief Executive Officer and Principal Financial Officer in October 2013. In June 2014, Ms. Waterhouse was appointed as Chief Executive Officer and Principal Financial Officer and was appointed to the Board of Directors.
American Bio has been selling FDA approved immunoassay test kits, including some of the world’s most effective point of collection tests for drugs of abuse for years and so it is no wonder they developed a covid 19 test kit; on March 20, 2020, American Bio Medica Corporation (the “Company”) announced in a press release and Form 8-K that it was offering a COVID-19 Antibody Rapid Detection Kit to detect COVID-19 in whole blood, serum or plasma via finger stick. On May 29, 2020, the COVID-19 test being distributed by the Company was authorized by the United States Food and Drug Administration (FDA) under an Emergency Use Authorization (EUA) for use by authorized laboratories. The product, manufactured by Healgen Scientific, LLC, has been authorized only for the presence of IgM and IgG antibodies against SARS-CoV-2, not for any other viruses or pathogens. The product is intended for professional use and not for home use. The Company will continue to market the COVID-19 test in full compliance with FDA policy and the EUA.
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American Bio’s 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 million test kits.
On October 7 ABMC signed a distribution agreement with Co-Diagnostics, Inc. (CODX) granting ABMC the right to market and sell the Logix Smart Covid-19 tests in the United States on a non-exclusive basis. The test operates using a single step RT-PCR process in lower respiratory tract fluid samples such as bronchoalveolar lavage, sputum, tracheal aspirate, and upper respiratory tract fluid samples, such as nasopharyngeal and oropharyngeal swabs, obtained from patients who present with signs and symptoms for Covid-19, with easy-to-interpret results in under two hours.
ABMC will market the Covid-19 diagnostic test only to clinical laboratories certified under Clinical Laboratory Improvement Amendments (CLIA), and in accordance with the Emergency Use Authorization issued to Co-Diagnostics, Inc. by the U.S. Food and Drug Administration on April 3, 2020.
Chief Executive Officer Melissa A. Waterhouse stated, “We are excited to offer our customers another testing solution for Covid-19. The Co-Diagnostic RT-PCR test enables us to offer customers a diagnostic tool that can be run on high-throughput machines. We can get a lot of necessary information from antibody testing over time and we believe there are a number of additional applications for antibody testing, but the need for diagnostic testing is still great in the US. The Co-Diagnostic RT-PCR test is a great complement to the Rapid IgG/IgM antibody test we already distribute.”
$ABMC nice organic low volume accumulation. Next big spot is .30 Probably see some selling there, but once over that spot, this should be a nice ride upward the next several months on better and better earnings for Q3, Q4 and into 2021.
— EQ_Trades (@EQ_Trades) October 22, 2020
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Currently trading at a $7 million market valuation based on 35.9 million shares out and A/S capped at 50 million American Bio Medica is among the most exciting stories in small caps; the Company has been selling some of the world’s most effective point of collection tests for drug abuse for years and has significant established revenue streams from GSA government contracts; for the 6 months ended June 30, 2020 the Company reported $2,486,000 in sales up from 1.88 million for the same period last year. ABMC is backed by institutional investor; Stuart Sternberg, who is the owner of the MLB Tampa Bay Rays baseball team, and a seasoned hedge fund investor. American Bio Medica 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. Penny stock speculators noting the recent historic rise to $1.26 are accumulating at current levels. 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.