Virax Biolabs Group Limited (NASDAQ:VRAX) plunges over 6.55% in pre trading session Wednesday as Cosmos Health (NASDAQ:COSM) has signed a Purchase Order with the company to launch and market COVID-19 and Influenza A+B Antigen Combo Rapid Detection Kits. Cosmos will have exclusive distribution rights for Greece and Cyprus under a previously signed distribution agreement dated September 2022, with the option to distribute the ViraxClear branded test kits across Europe on a non-exclusive basis.

“COVID-19 continues to endanger people all over the world. According to the World Health Organization, there have been approximately 750 million confirmed COVID-19 cases and approximately 7 million COVID-19-attributable deaths as of February 2, 2023 “Mr. Greg Siokas, Chief Executive Officer of Cosmos, stated number one. “While COVID-19 has overshadowed the threat of influenza, the healthcare burden of influenza should not be overlooked. According to the World Health Organization, influenza infections cause approximately 5 million cases of severe illness and approximately 650,000 respiratory deaths worldwide each year. 2 As a result, we are excited to collaborate with Virax to bring much-needed dual testing solutions to Greece and Cyprus, as well as to expand into additional territories in the future.”

Mr. James Foster, Chairman of the Board of Directors and Chief Executive Officer of Virax, stated, “COVID-19, Influenza A, and Influenza B are major causes of illness and death in humans worldwide. We are pleased to offer a dual solution that can accurately identify infections caused by these viruses and improve health outcomes through early detection, with results typically available in 15 minutes.”

The COVID-19 & Influenza A+B antigen combo rapid test is a one-time use test kit designed to detect nucleocapsid protein antigens of Influenza A and B viral antigens, as well as COVID-19 antigen, from nasal swab specimens.