The BARD1 Life Sciences (ASX: BD1) share price is on watch today after positive results from the evaluation of its EXO-NET product in pancreatic cancer.
Let's take a closer look at the announcement and what this means for the BARD1 share price.
Image source: Getty Images
What's driving the BARD1 share price higher?
BARD1 maintains a cancer diagnostics portfolio. This includes the commercialised hTRET test which is used as a supplement to urine cytology tests. Additionally, the portfolio also includes diagnostics tests in development for ovarian, breast, lung, prostate, and pancreatic cancers. The group is working towards commercialising its proprietary Molecular NET technology. In particular, its lead EXO-NET product designed to capture and purify exosomes in a rapid, scalable and cost-effective manner.
There are currently multiple EXO-NET evaluations underway. These evaluations are being conducted by various academic and industry partners. Notably, the partners include the University of Sydney, University of Queensland, Minomic International and VivaZome Therapeutics.
On Tuesday, BARD1 announced positive results from a collaborative research study. The intention of the study was to evaluate its EXO-NET exosome capture technology and Minomic's anti-GPC-1 antibody. Primarily, this technology is used for the detection of pancreatic cancer. The study found that EXO-NET was highly effective at isolating exosomes from both pancreatic cancer and healthy control samples. While the anti-GPC-1 antibody appeared to bind specific pancreatic cancer exosomes for pancreatic cancer patients.
BARD1 CEO, Dr Leearne Hinch was pleased with the results and commented on the next steps for EXO-NET:
This is a very encouraging result that clearly demonstrates the commercial potential of our soon-to-be launched RUO EXO-NET™ product for capturing exosomes and the feasibility of using GPC-1+ exosomes for detection of pancreatic cancer. BARD1 and Minomic are extremely pleased by this outcome and will discuss how to advance the project towards development of an exosome-based GPC-1 test for early detection of pancreatic cancer to improve patient outcomes and survival for this important unmet need.
What's in store for 2021?
BARD1 is making significant progress in the development and commercialisation of its diagnostic solutions. In particular, its BARD1, SubB2M, Molecular NETs, and hTRET platforms for healthcare professionals and patients.
BARD1 will continue to test the EXO-NET in collaboration with other academic and industry partners. The company believes the product is on track for commercial launch in 2021.
More recently, an Australian patent was granted for hTERT. The hTERT patent now has granted patents in Australia, China, Europe, Japan and the United States. Additionally, there are currently pending patents in Israel. Moreover, hTERT revenue is in its early days, with the product generating $148,140 for the half-year ended 31 December 2020.
SubB2M is a unique cancer probe that is currently being used in in-house research programs for the detection and monitoring of prostate and pancreatic cancers and used in collaboration with Griffith University to develop SubB2M-based tests for the detection of ovarian and breast cancers.
The company currently has a market capitalisation of approximately $230 million with $7.3 million cash at 31 December 2020.
