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Shell Summary for April 16, 2020

2020-04-16 20:29 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 4.69 points to 447.40 Thursday. Danny Dalla-Longa's shell graduate, Flurotech Ltd. (TEST), climbed four cents to 19.5 cents on a higher-than-usual 344,500 shares, after the company talked up its "potential development of a COVID-19 diagnostic test." Flurotech is a Calgary company with a testing device called CompleTest, but this is not for medical diagnostics or even for humans. Instead, the device measures THC (tetrahydrocannabinol) and CBD (cannabidiol) levels in cannabis samples. Two years ago, Flurotech was hyping the possibility that CompleTest could eventually test cannabis samples for the presence of heavy metals, pesticides and chemicals, but to this day, the device cannot test for these things. The company's website says these features are still "coming soon." In any case, Flurotech expects to spend only three months to remake CompleTest into a COVID-19 testing device. It adds that once its product development is complete, CompleTest should be able to test blood samples and provide COVID-19 results within 15 minutes. (There are more than a dozen Canadian companies waiting for approval from Health Canada for their COVID-19 blood tests. So far, Health Canada has approved only nasal swab tests, because these apparently yield fewer false positives and false negatives than blood tests do.)

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