The BARD1 Life Sciences Ltd (ASX: BD1) share price is rocketing on Friday morning. This comes after the medical diagnostics company announced it has secured a new patent.
At the time of writing, BARD1 shares are shooting 16.16% higher to $1.15 apiece. In context, the All Ordinaries Index (ASX: XAO) is up 0.94% to 7,751.5 points.
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BARD1 furthers patent protection
Investors are pushing BARD1 shares higher after digesting the company's positive update.
In its release, BARD1 advised that it has been granted a patent to add to its growing portfolio. Approved by the United States Patent and Trademark Office, the latest addition will seek to further protect BARD1'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 biggest health care market.
The new patent is set to expire on 5 February 2035.
BARD1 CEO, Dr Leearne Hinch commented:
This patent family enforces intellectual property protection in the US for a potential BARD1-Lung cancer test that detects autoantibodies associated with lung cancer.
Quick take on BARD1
Founded in 2016, BARD1 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 BARD1 autoantibody tests for early detection of lung and ovarian cancers.
BARD1 is headquartered in Perth, Australia, and has contract research laboratories at University of Geneva, Switzerland.
BARD1 share price summary
In the past 12 months, BARD1 shares have accelerated 60%. However, year-to-date performance has further jumped to post a gain of 69%.
Based on valuation metrics, BARD1 presides a market capitalisation of roughly $105.72 million, with approximately 91.93 million shares outstanding.
