The Utah-based healthcare and research company Co-Diagnostics Inc. (NASDAQ:CODX) announced on Friday that they would be participating in a research project being conducted by Stanford University.
The project, which is being conducted by the Wang Group at Stanford, will involve Co-Diagnostics’ CoPrimer technology in order to “detect multiple genetic mutations in the EGFR (epidermal growth factor receptor) gene.”
Research has been done for the past several years for the project with commercially available primers, but Co-Diagnostics was specifically contacted by Stanford to use its technology.
Results of the study should be published later this year.
Co-Diagnostics CEO, Dwight Egan, has said that the company is “honored that the Wang Group at Stanford University approached Co-Diagnostics and expressed interest in applying [its] CoPrimer technology to their endeavors to improve detection of cancer.”
Results from the study may influence and advance technology in the cancer industry by providing new ways for detecting cancers and reducing false positive results.
Egan adds that “the ability to multiplex within a single reaction, along with the heightened specificity and allowing for a massive reduction in false positives, are some of the most valuable benefits of this technology, making it ideal for cancer detection and liquid biopsy applications.”
The company was able to see an over 75% increase in its share value after the announcement had been made.
As of 2:45 pm EDT, Co-Diagnostics was sitting at around $5.10 USD and had gone up by approximately 75.87% on Friday.
The company had been able to reach a high share value of $5.94 and a low of $3.10, after opening at $3.41. Comparatively, the company closed at a share value of $2.90 on Thursday and reached a high of $3.15 and a low of $2.90, after opening at $3.15.
Shares of Co-Diagnostics look as if they will stay within the $5.00 range for the rest of the day.
Featured Image: codiagnostics.com