OncoCyte shares more than triple on rosy data from key biopsy test for lung cancer
Shares of OncoCyte Corporation (NYSEAmerican:OCX) more than tripled Tuesday after the cancer-detection-test manufacturer announced optimistic data from a key validation study demonstrating the accuracy of its DetermaVu liquid biopsy test for lung cancer.
The validation study showed a sensitivity of 90%, which is the percentage of malignant nodules that are correctly identified, and specificity of 75%, which is the percentage of benign nodules identified.
READ: OncoCyte shares soar on results from its cancer diagnostic blood test DetermaVu
“These results show that DetermaVu significantly exceed the critical parameters necessary for use in lung cancer diagnosis and that DetermaVu clearly outperforms reported results from competitors’ tests and other clinical models,” according to a company statement.
Investors applauded the results, sending OncoCyte shares up nearly four-fold to $6.65 in a round of active trading Tuesday afternoon.
OncoCyte plans to make DetermaVu commercially available in the second half of this year as it looks to change the way lung cancer is diagnosed.
DetermaVu has the potential to dramatically reduce US healthcare costs by billions of dollars each year by eliminating unnecessary biopsies, which, according to a recent Medicare study, cost on average of $14,634 each.
Contact Ellen Kelleher at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/213550/oncocyte-shares-more-than-triple-on-rosy-data-from-key-biopsy-test-for-lung-cancer-213550.html
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