The Inoviq Ltd (ASX: IIQ) share price is racing higher during early Friday afternoon. This comes after the medical diagnostics company announced it has secured a new patent for diagnosing lung cancer.
At the time of writing, Inoviq shares are up 4.21% to $1.115 apiece. In contrast, the All Ordinaries (ASX: XAO) is up 0.63% to 7,755.9 points.
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Inoviq granted new patent protection
Investors are pushing Inoviq shares higher after digesting the company's positive update.
In its release, Inoviq advised that it has been granted a patent to add to its growing portfolio. Approved by the Chinese Patent Office, the latest addition will seek to further protect Inoviq's intellectual property.
Titled, 'Lung Cancer Diagnosis', the new patent explains the methods towards detecting antibodies to BARD1 peptides. This is for diagnosing lung cancer and developing an autoantibody test kit in the world's second biggest health care market.
The new patent is set to expire on 5 February 2035.
Inoviq CEO, Dr Leearne Hinch commented:
This patent enforces intellectual property protection in China for a potential BARD1-Lung cancer test that detects autoantibodies associated with lung cancer. Patent family PCT/EP2014/073834 now has seven granted patents in Australia, China, Israel, Japan, Korea, Singapore and the USA.
Quick take on Inoviq
Formerly known as BARD1 Life Sciences, Inoviq is an Australian-based medical diagnostics company that is focused on developing and commercialising non-invasive diagnostic tests for early detection of cancer.
The company's proprietary technology platform is based on novel tumour markers with potential diagnostic and therapeutic applications across multiple cancers. The pipeline includes two development-stage autoantibody tests for early detection of lung and ovarian cancers.
Inoviq is headquartered in Perth, Australia, and has contract research laboratories at the University of Geneva, Switzerland.
Inoviq share price summary
In the past 12 months, Inoviq shares have accelerated to more than 60%. However, year-to-date performance has further jumped to post a gain above 66%.
Based on valuation metrics, Inoviq presides a market capitalisation of roughly $102.60 million, with approximately 92.02 million shares outstanding.
