The BARD1 Life Sciences Ltd (ASX: BD1) share price is up an eye-popping 66% at the time of writing. That's down a bit from gains of more than 87% in early morning trade.
Investor interest appears to be driven by the company's positive announcement on its ovarian cancer test. Let's take a closer look at the announcement and what it means for the BARD1 share price.
What did BARD1 report on its cancer test?
BARD1 released a report to the ASX this morning stating that it's SubB2M technology is able to detect all stages of ovarian cancer. The data was collected from Griffith University's Institute of Glycomics. It indicates the technology is able to do this with 100% specificity and 100% sensitivity.
SubB2M is a protein that binds to a sugar molecule called Neu5Gc. This protein is present in a range of cancers. The company reported that researchers from the University of Adelaide and Griffith University have proven its ability to detect Neu5Gc in cancer patients' bloodstreams.
BARD1 holds the exclusive worldwide license for the use of SubB2M to detect any cancer.
Dr. Lucy Shewell from Griffith University's Institute for Glycomics concluded that detection of Neu5Gc-glycans using SubB2M can potentially be used as a diagnostic marker to detect early-stage ovarian cancer. She said it may also be a useful tool to monitor disease progression in late-stage cancer.
Comments from the CEO
Addressing the positive results, BARD1's CEO, Dr. Leearne Hinch, said:
The company is focused on early detection of cancer and our SubB2M technology provides the potential for developing tests for monitoring and detection of multiple cancers. We will continue to collaborate with Griffith University to develop and validate commercial assays for monitoring treatment response and recurrence in ovarian cancer patients to improve health outcomes for this critical unmet medical need.
The company also stated that ovarian cancer remains the leading cause of gynaecological cancer deaths worldwide. This statement highlights the potential benefits of its SubB2M test. In 2018 there were 185,000 deaths from ovarian cancer. Ovarian cancer often progresses to a late-stage before diagnosis. This means the current 5-year survival rate is only 46%.
BARD1 share price snapshot
The BARD1 share price has a lengthy history of volatility, even without the 49% share price crash during last autumn's COVID-driven market rout. With today's intraday gains factored in, the BARD1 share price is up 88% in 2021.
By comparison, the All Ordinaries Index (ASX: XAO) is up just over 2%.
