The FDA would have to give a small pharmaceutical company emergency clearance before it can distribute the rapid COVID-19 test

ENGLEWOOD, Colo. — A small pharmaceutical company just south of Denver is making news after announcing it secured exclusive rights to distribute a COVID-19 test that takes only minutes to get results.

“It’s a 2 to 10 minute result," Josh Disbrow, CEO of Aytu BioScience, said. "It’s a very simple test that can be performed at the point of care, so in a doctor’s office. A small drop of blood is dropped onto a disposable device. It senses the COVID-19 antibody,”

The test was developed in China and has been in use for the past six weeks, Disbrow said.

The company’s stock is up more than 200% after announcing the distribution rights, however Disbrow still needs to get emergency approval on the testing kits from the Food and Drug Administration.

“The FDA process is critical because we have gotten ourselves in trouble in the past with other companies, and it’s very important that the data be looked at with a critical eye,” said 9NEWS health expert Dr. Payal Kohli.

Kohli looked at the testing data reported by Aytu BioScience and said it doesn’t appear to be peer reviewed, however if the numbers are correct, the tests would be a significant impact.

“If the numbers are accurate, they’re actually quite impressive," Kohli said. "In 2 to 10 minutes, you can have a blood test that has a very high sensitivity and specificity, so it’s a relatively good test for detecting COVID-19 infection.”

The FDA would have to balance public need with necessary oversight as the COVID-19 pandemic worsens.

When asked about making a profit amid pandemic, Disbrow said the question was a “good question” and stressed the cost of the test would be affordable.