Here is why iSpecimen is up 50% today

iSpecimen Inc (NASDAQ: ISPC) is a human biospecimens marketplace that operates online. It announced that private companies and the U.S government had contracted it to be a part of the new advanced Covid-19 research efforts providing the process with human biospecimens. 

The company will seek insights on the research’s outcomes, variants, transmissibility, testing validity, and outcomes among several different population segments. This announcement helped lead to the company going up by 50% today till the time of writing.  

What did top management say?

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The company’s Chief Executive Officer and Founder, Christopher Ianelli, Ph.D., MD, said:

COVID-19 has claimed more than 5 million lives, and it will require a lot of additional research to control the pandemic and improve society’s ability to contend with future outbreaks of infectious diseases.

The CEO continued to say:

We embrace the challenge and are gratified that researchers are coming to us for the specific biospecimens they need from the types of patients they’re focusing on.

The company’s business operations 

In the last nine months, iSpecimen has entered into new partnerships with several different healthcare and research organizations to tackle a wide variety of diverse projects that need a wide array of Covid-19 research products and samples. This includes blood products, saliva, and nasal swabs. 

iSpecimen started conducting further Covid-19 research immediately after the disease outbreak. When the outbreak happened last year, the company started sending the CDC (Centers of Disease Control and Prevention) serum samples to help researchers in the U.S-based health organization monitor anti-body development for immunity. 

The company provided the CDC with one hundred negative serum samples and 600 SARS-CoV-2 positive ones. These were mainly remnants that came from the different lab tests they had already conducted. 

In addition to all this, the company has been contracted by several other private companies and federal agencies to conduct custom Covid-19 collections. These are often very complex procedures.