Markets
MMM

3M and MIT Working on Rapid COVID-19 Diagnostic Test

Industrial giant 3M (NYSE: MMM) is working with researchers from MIT to develop a rapid-response COVID-19 test. The test was selected by the National Institutes of Health (NIH) to be included in a program to accelerate COVID-19 diagnostic initiatives. 

The collaborators aim to provide a test that delivers highly accurate results within minutes, and that can be mass-produced. It will detect virus antigens via a paper-based device, and the results will be available at the point of testing.

The effort taps into 3M's expertise in medical device manufacturing, as well as its institutional experience in biomaterials and bioprocessing. It uses its biomaterials technology in the production of air filtration products, as well as in pathogen detection products used for food safety and testing. 

lab tech holding a COVID-19 test result

Image source: Getty Images.

The NIH's Rapid Acceleration of Diagnostics Tech (RADx Tech) program will support a month-long process to verify that test meets the necessary standards and demonstrate that it can be produced on a large scale. RADx Tech provided $500,000 in initial funding; additional funding could be contributed at a later stage of the project's development. 

3M has been supporting pandemic-related initiatives since January. It  responded to a surge in global demand for its N95 respirator masks by doubling its prior production capability to a global rate of 1.1 billion per year. The company expects to almost double that rate again within 12 months to 2 billion per year. 

The company has also been active in combating fraud and price-gouging related to the personal protective equipment and other safety products it manufactures. It has initiated several lawsuits to stop sellers from making fraudulent claims about fake or non-existent N95 masks. 

10 stocks we like better than 3M
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and 3M wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

 

*Stock Advisor returns as of June 2, 2020

 

Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends 3M. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

MMM

Latest Markets Videos

    The Motley Fool

    Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

    Learn More