Shares of micro-cap Biomerica, Inc. (NASDAQ: BMRA) were advancing strongly for the second straight session Thursday thanks to a late Tuesday announcement from the biomedical technology company regarding its COVID-19 test.

Biomerica's Wild Ride

Biomerica shares, which closed at $2.37 Tuesday, gap-opened higher Wednesday at $6.28. Moving in a range of $5.51 to $10.30, the stock closed at its highest level of the day, suggesting a gain of about 335%.

The upward momentum was continuing Thursday. Biomerica opened the session at $19.80 and rallied to a record intraday high of $23.38 early trading, before pulling back slightly from the highs.

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The stock was trading 65.89% higher at $17.09 at the time of publication.

The Biomerica Catalyst

International shipments of initial samples of the COVID-19 IgG/IgM Rapid Test — a disposable, one-use test — have kicked off, Biomerica said Tuesday.

The finger prick test takes about 10 minutes. It can be performed by trained professionals at any location, the company said.

Biomerica said distribution partners working with government agencies in multiple countries have placed orders for the tests.

Differentiating its test from the current polymerase chain reaction, or PCR, tests, Biomerica said its serology tests can detect if a person has been exposed to the COVID-19 virus and if they are infected with the virus even if they have never shown or are no longer showing symptoms.

The PCR test show positive if a person is infected and the virus is still present.

The PCR tests can be performed only in a lab. Therefore, Biomerica said its test can be used in conjunction to the PCR test to pre-screen larger group of individuals who, if they test positive, could be tested further using PCR.

Biomerica said it has prepped to supply large international orders within weeks, provided that international product shipping channels remain open.

The company said it is filing with the FDA for Emergency Use Authorization that would help it market the test in the U.S.

The test will be sold for less than $10, according to Biomerica.

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