DiaGenic ASA (DIAG), the Norwegian company developing tests to diagnose illnesses including Alzheimer’s disease, climbed the most in two weeks in Oslo after the company said it received a patent for its breast cancer test in Japan.
Shares in the Oslo-based company gained as much as 25 percent, the most since July 19, and traded 18 percent higher at 3.60 kroner as of 11:05 a.m. in the Norwegian capital, making it the biggest winner on the Oslo Stock Exchange’s All-Share Index. (OSEAX)
The Japanese patent is “an important milestone which strengthens our position in Asia,” Chief Executive Officer Henrik Lund said in a statement today. The patent will be valid until 2025 and follows similar awards in the U.S. and Europe.
“The company will now have a broad patent protection in Japan, one of the largest economies in the world,” Lund said. The so-called family-3 patent covers the use of gene sequences in blood samples for the detection and monitoring of breast cancer, DiaGenic said.
The company has developed gene-expression technology that uses blood samples to help researchers find patterns, or unique genetic fingerprints, which characterize a specific disease. The method helps detect illnesses including breast cancer and Alzheimer’s, the sixth-largest cause of death in the U.S., according to the Alzheimer’s Association.
Shares in DiaGenic, which was founded in 1998, have declined 30 percent during the last 12 months. The company’s stock jumped as much as 23 percent on June 8 after it said a study to develop a blood test for Alzheimer’s Disease had started.
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