The BARD1 Life Sciences Limited (ASX: BD1) share price rocketed 9.71% on opening today after the company signed an agreement with the University of Liverpool.
The agreement is the first step towards licensing BARD1's blood test, which the company hopes will diagnose novel type 3c diabetes. So far, the test has shown promise in preliminary testing. The ability to diagnose type 3c diabetes and other technology BARD1 currently has in the works may help diagnose pancreatic cancer.
After peaking in early trade at $3.71, the BARD1 share price has since lost ground and is now swapping hands at $3.45, up 2.37% at the time of writing.
Let's look closer at today's announcement from the medical diagnostic company.
Image source: Getty Images
New options agreement
The options agreement between BARD1 and the University of Liverpool will evaluate 2 novel protein biomarkers. In preliminary testing, the protein biomarkers can accurately distinguish type 3c diabetes from type 2 diabetes.
The agreement will allow the company the option to licence the intellectual property and commercialise the blood test. In return, BARD1 will pay a non-material upfront options fee and cover any patient costs incurred by the University.
BARD1 states type 3c diabetes accounts for up to 10% of new diabetes diagnoses, but it is under-diagnosed and poorly managed.
What does this mean for fighting pancreatic cancer?
Diabetes is often linked to the pancreas, where insulin is produced. Those with diabetes either don't produce enough insulin or don't respond well to insulin, or a combination of both.
In BARD1's release, it stated around 10% of type 3c diabetes cases were caused by underlying pancreatic cancer. Thus, being quickly diagnosed specifically with type 3c diabetes can be of vital importance.
There is no test for pancreatic cancer, and it has a 5-year survival rate of just 10%.
One of the risk factors for pancreatic cancer, chronic pancreatitis, is the main causes of type 3c diabetes. Not to mention, a diagnosis of diabetes is another major risk factor for the cancer.
BARD1 is also investigating 2 novel approaches for screening pancreatic cancer using its technology to create a test for the cancer.
Commentary from management
BARD1 CEO Dr Leearne Hinch commented on the technology's potential, saying:
Currently no screening test is available for pancreatic cancer and even if there was, it would not be practical or cost-effective to screen the average-risk general population.
BARD1's approach of developing a much-needed blood test for the detection of type 3c diabetes, which also provides a high-risk group for our screening test for pancreatic cancer, provides an ideal and clinically useful solution for both these global health problems.
BARD1 continues to deliver on its mission to develop non-invasive diagnostic tests that make a real difference to patient health outcomes in critical areas of unmet medical need including Type 3c diabetes and pancreatic cancer.
BARD1 Life Sciences share price snapshot
The BARD1 Life Sciences share price has had a ripper year on the ASX so far.
Currently, it's up a whopping 422% year-to-date. It's also up 360% over the last 12 months.
BARD1 has a market capitalisation of around $277 million, with approximately 80 million shares outstanding.
