Guess which ASX biotech share just rocketed 86% on 'a major validating moment'

There's a good reason why this biotech share has almost doubled in value today.

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The Impedimed Limited (ASX: IPD) share price has had a sensational start to the week.

In afternoon trade, the ASX biotech share is up 86% to 11 cents.

A woman jumps for joy with a rocket drawn on the wall behind her.

Image source: Getty Images

Why is this ASX biotech share rocketing higher?

Investors have been buying this ASX biotech share after it advised that the National Comprehensive Cancer Network (NCCN) has released a new version of the NCCN Clinical Practice Guidelines in Oncology for Survivorship.

According to the release, for the first time, these guidelines include bioimpedance spectroscopy (BIS).

Key points include:

  • The NCCN Guidelines specifically name bioimpedance spectroscopy as an objective measurement tool to identify early signs of lymphoedema.
  • The NCCN Guidelines now recommend regular screening for all cancer survivors at risk of lymphoedema.
  • The recommendations made by the NCCN Survivorship Panel were Category 2A, which means that there was uniform NCCN consensus for this new recommendation.
  • The inclusion of BIS in the NCCN Guidelines will help establish BIS as standard of care and accelerate adoption by Private Payors and Providers.

The release highlights that NCCN Guidelines are the globally recognised standard for clinical direction and policy in cancer care, with the goal of improving patient care and outcomes.

Why is this good news for ImpediMed?

This is good news for ImpediMed as it has the only FDA-cleared BIS technology for the assessment of lymphoedema.

The company's SOZO Digital Health Platform is broadly accepted and recognised for effective and accurate screening of lymphoedema.

The ASX biotech share's Managing Director & CEO, Richard Valencia, commented:

The recommendation in the NCCN Guidelines for the use of bioimpedance spectroscopy technology is a major validating moment for the Company. The authors of the NCCN Guidelines are world leaders in global cancer care driven by sound clinical evidence and patients' best interests. Their recommendations are highly influential for clinicians, patients, policymakers, and insurance companies.

We will take the information in these updated NCCN Guidelines and immediately integrate it into our reimbursement strategy to expand coverage of SOZO testing for lymphoedema. Our near-term focus remains leveraging our strong clinical evidence, market position, and now these guidelines to drive growth and adoption of our solution for breast cancer-related lymphoedema. Longer-term, these guidelines also support an opportunity to expand into other cancer types, broaden our footprint in oncology, and benefit even more patients.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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