Investors sent shares in Co-Diagnostics Inc. (NASDAQ: CODX) flying in pre-market trade on the news that its CoPrimer technology will be used in a Stanford University research project.
The point of the study, which is being conducted by the Wang Group at Stanford, is to find better ways to detect genetic mutations in the epidermal growth factor receptor gene that surface in lung cancer.
Co-Diagnostics’ CoPrimer technology is being used by the scientists at Stanford to improve their detection methods of the mutations which cause cancer. The results of the Stanford study will be published later this year.
In response to the news, Co-Diagnostics shares jumped 12.4% to US$2.90 in pre-market trade.
“Heightened specificity and allowing for a massive reduction in false positives, are [two] of the most valuable benefits of this technology, making it ideal for cancer detection and liquid biopsy applications,” Dwight Egan, chief executive of Co-Diagnostics, said.
Based in Utah, Co-Diagnostics is a company which develops diagnostic equipment used to detect and analyze DNA and RNA.