Important note: Information in this article was accurate in 2005. The state of the art may have changed since the publication date.
Important note: Information in this article was accurate in 2005. The state of the art may have changed since the publication date.
Reuters NewMedia - December 16, 2005
The Gay and Lesbian Center in Los Angeles, in a statement on its Web site, said that 13 people who took the OraQuick oral test there in November falsely registered as HIV-positive.
Clinics in San Francisco and New York have also reported large numbers of false-positives with the popular test, according to the group.
OraSure, which is based in Bethlehem, Pennsylvania, was not immediately available to comment.
The decision, announced late Thursday, caused brokerage firm Jefferies & Co. on Friday to cut its investment rating on OraSure to "underperform" from "hold," and it predicted more clinics will stop using the test.
In the research report, the brokerage also noted that a proposal to direct the U.S. Department of Health and Human Services to purchase up to 1 million oral fluid tests was unexpectedly stripped from the HHS bill on Wednesday.
"Although we do not know the reason behind the decision, the Senate and House met in conference and decided to remove the proposal," the note said, adding that this had been expected to add roughly $10 million in sales for OraSure in 2006.
Jefferies said it believed that centers in Ohio, Minnesota and Utah have experienced similar issues with false-positives and are in the process of deciding what to do.
"We believe other clinics will stop offering OraSure's oral HIV test as well," the Jefferies note said.
OraSure's shares fell $2.57 to $8.80 in early trading on the Nasdaq Friday. The stock was the biggest percentage loser on the Nasdaq and among the most actively traded.
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