Investors saw shares of pink sheet listed biotech company, TrovaGene (PINK:TROV)- formerly Xenomics- shoot up 26% +.18 after the company was mentioned as part of a New York Times article about the growing field of fetal DNA tests and other aspects of the pregnancy landscape.
The San Diego based company, which lists a mere 20 million shares outstanding, is a developer of molecular diagnostic products based on the detection of transrenal genetic markers.
In addition, the company issued a news release confirming that it has regained ownership of its worldwide rights and control over its patent estate for transrenal technology for non-invasive prenatal applications and cancer through the termination of a license agreement between TrovaGene and Sequenom, Inc.
In 2008, TrovaGene had licensed several of its patents to Sequenom (NASDAQ:SQNM) for the development of prenatal diagnostic and screening applications on an exclusive basis, but in 2009, TrovaGene initiated a lawsuit against Sequenom alleging fraud and demanding the return of its rights licensed to Sequenom.
“We are very pleased that TrovaGene has regained the prenatal development rights to diagnostic products based on our transrenal technology,” commented Dr. Thomas Adams, TrovaGene’s Chairman. “This gives us the opportunity to expand our business in the women’s healthcare market beyond our advanced HPV screening program based on urine samples, which can be obtained non-invasively and in complete privacy.”
TrovaGene's mission is to apply its proprietary urine-based DNA/RNA/miRNA testing platform to develop highly sensitive, simple, convenient, rapid and completely non-invasive molecular diagnostics and advance the field of personalized medicine.
The company has developed a DNA test using urine, which, according to Gabriele Cerrone, TrovaGene’s co-founder and director, is 95 percent accurate at predicting boys at seven weeks, and 88 percent accurate at predicting girls. TrovaGene is also developing a test for Down syndrome.
Most DNA tests on the market use blood.
Until now, TrovaGene's business strategy has been to leverage its proprietary urine-based nucleic acid testing platform toward the development of diagnostic assays for the screening of infectious diseases. It has alliances with Skyline Diagnostics B.V., Laboratory Corporation of America Holdings (LabCorp), InVivoScribe Technologies, Inc., Warnex Inc., IPSOGEN SA, Eastern Virginia Medical School, North Shore-Long Island Jewish Health System, etc.
TrovaGene officials say the company has a dominant patent position as it relates to transrenal molecular testing. Issued U.S. and European patents cover any and all testing for molecular targets that pass through the kidney. In addition to these core patents, TrovaGene has numerous patent applications pending in the areas of cancer, infectious diseases, transplantation, prenatal and genetic testing. This patent position rivals the importance of the Roche PCR and Gen-Probe ribosomal RNA patents in the molecular diagnostic field.
Here is a look at the top 20 market movers from the healthcare sector on Wednesday August 10, 2011:
|| Market Cap
|China Pharma Holdings, Inc.
|Biolase Technology, Inc.
|Senesco Technologies, Inc.
|NovaBay Pharmaceuticals, Inc.
|Apricus Bioscience Inc
|American Medical Alert
|Allied Healthcare Product
|WorldHeart Corporation (USA)
|Bioanalytical Systems, Inc.
|Retractable Technologies, Inc.
|American Caresource Holdings, Inc.
|Prana Biotechnology Limited (ADR)
|PAREXEL International Corporation
|Concord Medical Services Hldg Ltd (ADR)
|Rosetta Genomics Ltd. (USA)
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