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OPKO Health Partners with NY State Health Dept. to Create COVID-19 Drive-Thru Testing Facility

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OPKO Health shares traded more than 30% higher after the company reported its subsidiary BioReference Laboratories has formed a partnership with the N.Y. State Department of Health to provide COVID-19 testing for the first public drive-through testing facility on the East Coast.

OPKO Health Inc. (OPK:NYSE) today announced that its BioReference Laboratories Inc. business unit is "now accepting specimens for testing of coronavirus disease (COVID-19) from healthcare providers, clinics and health systems throughout the U.S. The company additionally reported that BioReference has established a partnership with the New York State Department of Health to offer testing at the first public drive-through testing facility on the East Coast. The firm stated that the facility will be located in New Rochelle, N.Y., and that it expects to begin offering up to 5,000 tests daily at other satellite testing sites starting next week.

BioReference Laboratories' Executive Chairman Jon R. Cohen, M.D., commented, "Cases of COVID-19 are increasing across the U.S., making access to testing a critical component in helping healthcare providers identify infected patients more quickly. BioReference has been working expeditiously to develop and offer this test that will yield high-quality and accurate results...I believe that the private sector should be part of the solution in controlling the COVID-19 outbreak and am proud that BioReference can assist Governor Cuomo as he leads N.Y. State through this crisis."

The company states that BioReference Labs provides comprehensive testing services for medical groups, employers, government and other institutions. The company operates a network of 10 laboratory locations, and has medical staff support of greater than 160 medical doctors, Ph.D.s and other professional level scientists and clinicians and participates in network with the five largest health plans in the U.S.

OPKO Health is a diversified healthcare company that operates in the areas of diagnostics, genetic testing and pharmaceutical development and marketing, the company stated.

OPKO Health has a market capitalization of around $951.2 million with approximately 669.8 million shares outstanding and a short interest of about 12.5%. OPK shares opened more than 15% higher today at $1.64 (+$0.22, +15.49%) over yesterday's $1.42 closing price. The stock has traded today between $1.61 and 2.18 per share and is currently trading at $1.90 (+$0.48, +33.68%).


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