The BARD1 Life Sciences Ltd (ASX: BD1) share price has walked through today's session in the green.
Before the open, BARD1 updated investors on a significant milestone in the development of its ELISA diagnostics test.
Let's investigate further.
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A quick recap on BARD1 Life Sciences
BARD1 is a clinical diagnostics business with a focus on developing detection tests in a range of various cancers.
In addition, BARD1 also has a heavy interest in the research and development of non-invasive diagnostic tests for the early detection of cancer.
At the time of writing, BARD1 has a market capitalisation of $128 million.
What did BARD1 announce?
The company announced it had achieved proof of concept for its enzyme-linked immunosorbent assay (ELISA) based test for ovarian cancer.
BARD1's research partner at Griffith University showed how an initial ELISA test can detect a key biomarker found in tumour cells "from stages I–IV ovarian cancer".
Moreover, the ELISA test demonstrated it could detect the biomarker with "100% sensitivity and specificity" compared to the control group.
This is important because the test needs to "do what it says on the tin". That's to distinguish the biomarker in cases of ovarian cancer, not in "healthy controls" as BARD1 puts it.
As a result, it seems the outcome is a win for the ELISA regime, described as a "low-cost assay that can be performed in commercial laboratories worldwide", as per the release.
Moving forward, Griffith University and BARD1 will now "advance to the optimisation phase" for the ELISA test.
What did management say?
Referencing the data, BARD1 chief scientific officer, Dr Peter French said:
These data represent a key go decision to progress the optimisation and validation of our SubB2M ELISA-based tests that are expected to improve existing cancer biomarker tests for ovarian, breast, prostate and other cancers.
BARD1 Life Sciences share price snapshot
The BARD1 Life Sciences share price has climbed 114% into the green this year to date, extending the gain over the previous 12 months by 62%.
These results have outpaced the S&P/ASX 200 Index (ASX: XJO)'s return of around 25% over the past year.
