Why the BARD1 (ASX:BD1) share price is climbing 6% today

The BARD1 Life Sciences Ltd (ASX: BD1) share price is climbing today following a favourable outcome for the company's hTERT test.

| More on:
Young doctor raising arms in air with hands in fists celebrating a new development

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

BARD1 Life Sciences Ltd (ASX: BD1) shares are climbing today following a favourable outcome for the company's hTERT test. At the time of writing, the BARD1 share price has leapt 6.34% to $3.86. 

Let's take a closer look at what the diagnostics company announced.

What's pushing the BARD1 share price higher?

Investors have been driving up the BARD1 share price after the company provided a positive announcement before market open.

According to its release, BARD1's hTERT test has been granted Class II In-Vitro Diagnostic (IVD) medical device registration from South Korea's Ministry of Food and Drug Safety (MFDS).

The pleasing result will now see the company's hTERT product distributed across South Korea through Mirax Corporation (Mirax). Previously in late 2018, BARD1 entered an exclusive distribution agreement with Mirax for the hTERT test.

Under the initial terms of the deal, BARD1 received a purchase order from Mirax within two days of receiving IVD registration. The first lot of hTERT products is expected to generate revenue of $80,000 for BARD1.

Addressable market opportunity

The South Korean medical device market is considered to be a massive opportunity for BARD1. In 2018, the country's medical device market was ranked as the ninth-largest in the world and valued at more than US$6.8 billion.

Urological cancer, including bladder cancer, is seen as an increasingly significant health problem in South Korea. A 2011 published report stated that urological cancer accounted for 8% of all known cancers in the country.

What did management say?

BARD1 CEO Dr Leearne Hinch hailed the company's progress, saying:

Securing Korean registration and our first order from Mirax is the culmination of the BARD1 team's dedication and effort to expanding the geographical footprint for hTERT in Asia. We are excited to be entering the Korean market and are looking forward to working with the Mirax team to build a strong franchise for hTERT in this key Asian healthcare market.

Mirax CEO Sang-Ju Bae continued on to add:

Mirax believes there is a significant opportunity for hTERT to become a key product in the bladder cancer diagnostic market in Korea. We are confident that the Mirax / BARD1 partnership can position hTERT as a valuable tool for cytologists, pathologists and urologists in the fight against bladder cancer.

Foolish takeaway

The BARD1 share price changed little over the course of 2020, however, in 2021, it has gained more than 460% year to date.

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

More on Share Market News

A smiling businessman in the city looks at his phone and punches the air in celebration of good news.
Broker Notes

These ASX 200 shares could rise 50% to 60%

Brokers believe these shares could deliver big returns for investors.

Read more »

A girl is handed an oversized ice cream cone with lots of different flavours.
Best Shares

8 ASX All Ords shares that tripled in value in FY25

Just 8 out of the 500 companies making up the ASX All Ords achieved share price growth of 200% or…

Read more »

Broker written in white with a man drawing a yellow underline.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Woman with a scared look has hands on her face.
Broker Notes

Bapcor shares fell more than 30% yesterday. Should investors buy in the dip?

Is this a value opportunity?

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Broker Notes

Broker raises price targets on 2 ASX 200 shares to buy

Ord Minnett has just upped its 12-month share price targets on 2 buy-rated ASX 200 stocks.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords stock just rocketed 34% on strong earnings growth

Investors just sent this ASX All Ords stock surging 34%. Here’s what’s happening.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why DroneShield, Gentrack, Metals X, and Northern Star shares are tumbling today

These shares are ending the week in the red. But why?

Read more »

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Share Gainers

Why Dimerix, Newmont, Regal Partners, and Titomic shares are storming higher

These shares are having a good finish to the week. Let's see why.

Read more »