Shares of Radient Pharmaceuticals (OTCQX: RXPC) jumped over 68% on news that the developer and marketer of In Vitro Diagnostic (IVD) cancer tests has signed a lab partner agreement with New Jersey-based diagnostics laboratory, NeoloMed BioSciences Inc.
Onko-Sure® is the non-invasive cancer blood test which has received FDA clearance for colorectal cancer monitoring during treatment and for post-treatment recurrence monitoring. Onko-Sure® has also received regulatory approval outside of the US as a general cancer tumor marker, as well as for lung cancer detection, treatment and recurrence monitoring.
Within the next two weeks, NeoloMed BioSciences will begin offering Radient's Onko-Sure® cancer test to its networks of physicians' offices and hospitals in its region including New Jersey, Connecticut, Delaware, Pennsylvania, Washington, D.C., Virginia, and Maryland. NeoloMed BioSciences is a CLIA certified and CAP accredited, consultative clinical testing laboratory. The lab's services range from routine patient testing with a focus on oncology-related indications, to more specialized testing. NeoloMed BioSicences' customers include physicians and their patients, hospitals and managed care plans, pharmaceutical and biotechnology companies, and contract clinical research organizations. NeoloMed BioSciences has been offering flow cytometry, karyotype, and FISH analysis oncology tests. Onko-Sure® is the first cancer blood test that NeoloMed will integrate into its oncology diagnostics offerings.
NeoloMed's CEO, Dr. Faribouz Payvandi, commented, "We have been looking to expand our menu of oncology diagnostics that provide valuable information for doctors and their patients. Onko-Sure® is the first blood test we've chosen to offer. Backed by compelling published clinical data and FDA clearance, we believe it will provide a very beneficial new diagnostic tool for doctors tracking disease treatment and recurrence for their colorectal cancer patients."
"Our goal is to significantly expand the availability of Onko-Sure® throughout the US and to work with regional and national diagnostics labs in doing so. We are pleased to work with NeoloMed BioSciences, which is focused in oncology diagnostics and serves a region in which we seek greater market penetration," stated Radient Chairman and CEO, Mr. Douglas MacLellan.
Industry sources continue to expect numerous positive developments from the company whose shares have been battered and oversold following false rumors that the company was planning a bankruptcy.
During Q4 of this year, the firm is expecting to move on to the new Nasdaq exchange. Advisors close to the firm have confirmed that despite the recent price drops, Radient fully qualifies for the exchange and is looking to list their after years of trading on the AMEX. Short interest in the stock is extremely high and may have contributed to the fast price spike in this morning's trading following the lab news.
A recent report from Research and Markets agrees with Radient's management and investors that cancer testing is one of the most important growth opportunities for the next three to five years in the diagnostics segment. The National Cancer Institute estimates that about ten million Americans have or have had some form of cancer. Overall costs of the disease are $126 billion annually. Pharmaceutical companies are developing more than 300 new medicines for cancer, some of which are in development for more than one type of the disease, for a total of more than 500 ongoing R&D projects.
Other mid-day movers in the healthcare sector on Thursday include:
|| Market Cap
|Alliance HealthCare Services, Inc.
|Response Genetics, Inc.
|Transition Therapeutics Inc.
|Progenics Pharmaceuticals, Inc.
|Ampio Pharmaceuticals, Inc.
|Apricus Bioscience Inc
|STAAR Surgical Company
|MELA Sciences, Inc.
|Biostar Pharmaceuticals, Inc.
|Sangamo Biosciences, Inc.
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