ChemTrak Inc.'s stock jumped $5.25 -- 75 percent -- onTuesday to $12.25 after FDA approved the company'sAccuMeter Cholesterol Test for home use.
The kit will be marketed as CholesTrac by WhitehallLaboratories, a division of American Home Products Corp.,under a licensing agreement with ChemTrak.
CholesTrac is the first cholesterol test available for home useby consumers without a prescription. The kit allows the user tofind the level of cholesterol in the blood in about 15 minutes.
Approximately 125 million Americans have cholesterol levelsabove 200 milligrams/deciliter, which may put them atincreased risk of developing heart disease, according toStephen Stravinsky, vice president of medical affairs atWhitehall Laboratories.
In January, ChemTrak (NASDAQ:CMTR) of Sunnyvale, Calif.,signed an agreement with Sciemed, a subsidiary of The JeraisyGroup of Saudi Arabia, for marketing the test in the MiddleEast. The test is also marketed internationally in the UnitedKingdom, Italy, Indonesia and Korea
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