Staff and Wire Reports
Friday, 11 September 2009 19:43
The U.S. Food and Drug Administration on Friday said it has approved a blood test for detecting ovarian cancer in a pelvic mass that already is known to require surgery.
The test, called OVA1, helps patients and healthcare providers decide what type of surgery should be done and by whom, the FDA said in a statement.
The test was developed by molecular diagnostics company Vermillion Inc (OTC:VRMLQ) in cooperation with Quest Diagnostics (NYSE:DGX) , the world's leading provider of cancer diagnostics.
It uses a blood sample to test for levels of five proteins that change due to ovarian cancer.
Quest said it has exclusive rights to offer the test to the clinical reference laboratory market in the United States for three years.
Pink sheet-listed shares of Vermillion rose +1.24 (2,587.50%) to close at $1.29, while shares of Quest fell 33 cents to close at $54.22 on the New York Stock Exchange. Vermillion has a very small share structure and price moves upward may continue on this news.
The new FDA-Approved Ovarian Cancer Test is based on an HDC Patented Technology developed and owned by Health Discovery Corporation (OTCBB: HDVY).
HDVY’s patented technology played a pivotal role in identifying biomarkers in Vermillion's ovarian cancer test and HDVY prosecuted a patent infringement action against Vermillion’s predecessor company, Ciphergen Biosystems, Inc., which resulted in a $600,000 cash settlement in favor of Health Discovery Corporation and a grant of a limited license to Vermillion.
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