(Alliance News) - Shares in Oxford BioDynamics PLC leapt on Tuesday after it announced the validation of its EpiSwitch prostate screening test in its US clinical laboratory was now complete, ahead of schedule.
As a result, the biotechnology company developing precision medicine tests based on the EpiSwitch 3D genomics platform, said it had brought forward the launch of its precision medicine test to make it immediately available to men being screened for prostate cancer.
This coincides with prostate cancer awareness month, the company explained.
Shares more than doubled to 26.23 pence in London after opening at 10.45p.
The company said the prostate screening test will be immediately available to men in the UK using the US testing facility to process results initially.
The firm is in the process of obtaining ISO15189 certification for a clinical lab within its Oxford, UK laboratory. Once certified, expected early in 2024, precision medicine tests, like EpiSwitch PSE, will be run there - shortening the overall turnaround time for results.
"There is a clear need in everyday clinical practice for a much more accurate blood test that can screen men for prostate cancer and accurately identify those at risk, while sparing those who up to now would be subject to unnecessary, expensive, and invasive procedures. It feels wholly appropriate that the early launch of the test coincides with Prostate Cancer Awareness month," said Dr Jon Burrows, chief executive officer said.
"With the news today of the launch of another EpiSwitch-based product, we are continuing to improve patient health whilst also reducing the cost of care."
By Jeremy Cutler, Alliance News reporter
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Oxford Biodyn (OBD)