The BARD1 Life Sciences Ltd (ASX: BD1) share price was a very strong performer on Friday.
At one stage, the diagnostics company's shares were up as much as 44% to $1.43.
The BARD1 share price gave back some of these gains but ultimately ended the day 41% higher at $1.40.
Why did the BARD1 share price rocket higher?
Investors were bidding the BARD1 share price higher today following the release of an update on a patent.
According to the release, US Patent No: 11137402 titled "Lung Cancer Diagnosis" has been issued by the United States Patent and Trademark Office.
The issued patent covers methods for detecting antibodies to BARD1 peptides, methods for diagnosing lung cancer, and kits for lung cancer diagnosis.
It certainly has been a long time coming. The release explains that patent application was filed in November 2014 and will be active until February 2035. This gives BARD1 plenty of time to seek to monetise the technology in the massive US market.
BARD1's CEO, Dr Leearne Hinch, appeared to be pleased with the news.
She said: "This patent family enforces intellectual property protection in the US for a potential BARD1-Lung cancer test that detects autoantibodies associated with lung cancer."
What is BARD1?
BARD1 describes itself as an Australian diagnostics company with an innovative portfolio of diagnostic technologies and products.
It is focused on developing and commercialising diagnostic solutions for healthcare professionals and patients. The company has commercialised the hTERT test used as an adjunct to urine cytology testing for bladder cancer and the EXO-NET pan-exosome capture tool for research purposes.
In addition, it has a cancer diagnostic pipeline which includes tests in development for ovarian and breast cancers, and research-stage projects for prostate and pancreatic cancers.
The BARD1 share price has now more than doubled in value in 2021.
