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Cepheid Meningitis Drug Gets Approval from FDA

The U.S. Food and Drug Administration said on Friday it had approved Cepheid's rapid test for viral meningitis infections.

The company's shares jumped on the news Friday.

The test, called the Xpert EV test, can detect the condition in 2.5 hours compared with other products that can take as long as a week, the FDA said.

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