OncoCyte Corporation (NYSE AMERICAN: OCX)
Shares of OncoCyte Corporation jumped over 40% in morning trade on Tuesday, after the company announced positive results from its DetermaVu lung cancer blood test study.
OncoCyte stock climbed 31.15% to $4.00 in the morning trading session.
In a most recent of DetermaVu, the company said the blood-based lung cancer test produced positive results than earlier anticipated.
The Alameda, California-based company said the encouraging results also suggested moving the test to a leading diagnostic testing platform.
OncoCyte is developing DetermaVu to detect suspicious lung nodules and confirm cancer absence. In its study, the company used an improved algorithm, which produced more accurate results than those used in previous studies.
OncoCyte scientists are now expected to validate DetermaVu in a series of studies.
OncoCyte Executive Comments
William Annett, President and Chief Executive Officer of OncoCyte, stated, “We are extremely pleased with the results of this study, which provide us with a new diagnostic testing platform and a route forward for the development of a next-generation DetermaVu. The study results are very encouraging. Although further studies testing larger numbers of samples are necessary, it appears the addition of the new biomarkers in DetermaVu may enhance the accuracy of our diagnostic test,” said Lyndal Hesterberg, Senior Vice President of Research and Development.
About OncoCyte Corporation
OncoCyte Corporation is a development-stage biotech firm that focuses on the regenerative medicine field.
It is currently developing molecular cancer diagnostics that utilize a discovery platform, which focuses on identifying the genetic composition of various types of cancer.
The company operates through the development and research of diagnostic tests for detecting cancer varieties.
It focuses on confirmatory diagnostics, making use of liquid biopsy and imaging technology for early detection of cancer. The company is also developing screening diagnostics meant to replace screening imaging procedures.
In addition, it is pursuing the possibility of recurrence of a specific cancer through companion diagnostics or the development of prognostics that help physicians determine the optimal therapy for patients.
Its diagnostic bladder, lung, and breast cancer tests are in the early development stage.
The company has also partnered with The Wistar Institute of Anatomy and Biology to create the confirmatory lung cancer diagnostic test in a multisite clinical study, evaluating blood-based lung cancer diagnostic test (DetermaVu).
OncoCyte is also developing a confirmatory diagnostic test, which could be used on women with an indeterminate mammogram result.
If successful, the diagnostic test could be applied in breast screening protocols to evaluate whether affected women ought to undergo additional invasive biopsy or imaging.
The company has started a clinical trial as part of its clinical development of a bladder cancer diagnostic test based on urine. OncoCyte has expanded the test into a multisite trial.
It is also currently engaged in other operations, such as launching and planning diagnostic test development and research programs with partners and in-house, conducting clinical trials and pursuing patents.
OncoCyte was founded in 2009 and is a subsidiary of BioTime, Inc. –Reuters
