OPKO Health's BioReference Laboratories Awarded Commercial Surge Capacity Testing for COVID-19 Emergency Response Contract by Centers for Disease Control and Prevention (CDC)

Rhea-AI Summary

BioReference Laboratories, part of OPKO Health (NASDAQ: OPK), has received an Indefinite Delivery Indefinite Quantity (IDIQ) contract from the CDC for Commercial Surge Capacity Testing amid the COVID-19 pandemic. The contract, effective from July 20 to November 19, 2020, focuses on antibody testing to determine COVID-19 seroprevalence and will involve collaboration with the CDC for data analysis. This partnership emphasizes the need for public-private collaboration in effectively responding to the COVID-19 crisis.

Positive

• Awarded contract with CDC for COVID-19 testing enhances market credibility.
• Public-private partnership positions BioReference as a key player in pandemic response.

Negative

• Contract duration limited to a specific period (July 20 - November 19, 2020).
• Potential risks from reliance on CDC funding and future contract renewals.

ELMWOOD PARK, N.J., July 20, 2020 /PRNewswire/ -- BioReference Laboratories, Inc., an OPKO Health company (NASDAQ: OPK), today announced it will accept an Indefinite Delivery Indefinite Quantity (IDIQ) contract award to provide Commercial Surge Capacity Testing for COVID-19 Emergency Response to the Centers for Disease Control and Prevention (CDC).

Under the contract with the CDC, BioReference will perform antibody testing to determine COVID-19 seroprevalence, and will provide results with key demographic information and analysis in collaboration with the CDC. The agreement's period of performance began July 20, 2020, and is ongoing through November 19, 2020.

"Working with the CDC underscores the importance of public, private partnership to achieve a worthwhile COVID-19 response," said Jon R. Cohen, M.D., Executive Chairman of BioReference Laboratories. "Many studies suggest that the majority of the public has not been infected with COVID-19, but multiple factors limit these findings. Together with the leading public health authority, we are leveraging extensive depth and breadth of testing expertise to increase overall understanding of the disease burden of the virus."

For more information, visit https://www.bioreference.com/coronavirus. 

About BioReference Laboratories, Inc.
BioReference provides comprehensive testing to physicians, clinics, hospitals, employers, government units, correctional institutions and medical groups. The company is in network with the five largest health plans in the United States, operates a network of 11 laboratory locations, and is backed by a medical staff of more than 120 MD, PhD and other professional level clinicians and scientists. For more information, visit www.bioreference.com.

About OPKO Health
OPKO Health, Inc., is a multinational biopharmaceutical and diagnostics company that seeks to establish industry leading positions in large, rapidly growing markets by leveraging its discovery, development and commercialization expertise and novel and proprietary technologies. For more information, visit  www.opko.com.  

Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning, including statements regarding BioReference's testing for COVID-19, the benefits of the contract with the CDC, the timing of and availability of the test, the expected daily capacity for testing, and the actual demand for our test, as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the OPKO Health, Inc. Annual Reports on Form 10-K filed and to be filed with the Securities and Exchange Commission and in its other filings with the Securities and Exchange Commission. In addition, forward-looking statements may also be adversely affected by equipment and reagent shortages, general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA

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SOURCE BioReference Laboratories, Inc

FAQ

What contract did OPKO Health subsidiary BioReference Laboratories receive?

BioReference Laboratories was awarded an IDIQ contract by the CDC for COVID-19 Commercial Surge Capacity Testing.

What is the duration of the contract with the CDC?

The contract is effective from July 20, 2020, through November 19, 2020.

What type of testing will BioReference Laboratories perform?

BioReference will perform antibody testing to assess COVID-19 seroprevalence.

What is the significance of the partnership with the CDC for OPKO Health?

This partnership enhances OPKO Health's credibility and role in addressing the COVID-19 pandemic.