An indication shows a brand new fast coronavirus check on the brand new Abbott ID Now machine at a ProHEALTH middle in Brooklyn on August 27, 2020 in New York Metropolis. The transportable Abbott ID Now makes use of a nasal swab to detect acute and infectious circumstances of COVID-19. ProHEALTH is providing the brand new service, which may ship a check lead to a s little as 15 minutes, at its facilities within the tri-state space.Spencer Platt | Getty ImagesPresident Donald Trump plans to announce Thursday the acquisition of 150 million fast Covid-19 exams as a part of a $750 million settlement with Abbott Laboratories, a White Home official confirmed to CNBC. Trump plans to make use of his speech on the Republican Nationwide Conference to announce the deal, the official stated.”Beneath President Trump’s management, the U.S. is main the world in testing,” White Home communications director Alyssa Farah stated in a press release to CNBC. “This can be a main improvement that may assist our nation to stay open, get Individuals again to work, and children again to high school. The Trump Administration is proud to companion with Abbott labs to make this buy potential to assist the American individuals.”The Meals and Drug Administration granted emergency use approval late Wednesday to Abbott for its new coronavirus antigen check, which is the primary Covid-19 check that it says prices about $5 and delivers ends in minutes on a testing card with out lab gear, just like a being pregnant check. Shares of Abbott jumped by greater than 9% in intraday buying and selling Thursday.Abbott stated in a press release after it acquired FDA authorization that it’s going to “ship tens of tens of millions of exams in September, ramping manufacturing to 50 million exams a month in October.”Representatives of Abbott Labs didn’t instantly return CNBC’s request for remark. Representatives of the Division of Well being and Human Providers declined to remark.The check, referred to as BinaxNOW, is an antigen check, that are considerably extra more likely to incorrectly diagnose somebody as unfavourable when they’re in truth contaminated with Covid-19 than molecular exams. Whereas molecular exams are probably the most correct in the marketplace, they rely on technical lab gear, educated personnel and a strained provide chain, which makes scaling up molecular exams to an enormous scale troublesome. “As a result of potential for decreased sensitivity in comparison with molecular assays, unfavourable outcomes from an antigen check may have to be confirmed with a molecular check prior to creating remedy selections,” the FDA stated in its authorization of the BinaxNOW check. “Unfavourable outcomes from an antigen check must be thought of within the context of medical observations, affected person historical past and epidemiological data.”The check is presently solely approved to be used in sufferers suspected to have Covid-19 and “inside seven days of symptom onset,” the FDA says, which means it isn’t approved to check asymptomatic or presymptomatic individuals. “This check may very well be used at point-of-care settings, like a physician’s workplace, emergency room or some faculties,” the FDA says. “Given the easy nature of this check, it’s possible that these exams may very well be made broadly out there.”That is breaking information. Verify again right here for updates.