(Reuters) ? Vermillion Inc said its cancer test was found to improve sensitivity in ovarian cancer patients, when used in combination with imaging.
Shares of the company jumped as much as 43 percent on the news soon after markets opened on Monday, making it the top-mover on Nasdaq.
Austin, Texas-based Vermillion, which is into discovery, development and marketing of diagnostic tests, said its OVA1 cancer test, launched last March, achieved 98.1 percent sensitivity for all types of ovarian cancers.
Risk of ovarian malignancy was found to be increasing with the rising test score, the company said in a statement.
Clinical sensitivity to malignancy is considered a key metric in ovarian cancer tests as death rates from the disease are very high, Vermillion Chief Executive Gale Page said.
"The current research demonstrates that OVA1 in conjunction with imaging will not only help identify more women with ovarian cancer for referral, but can give them greater confidence that their ovarian tumor is benign," principal investigator of the OVA1 clinical trial Fred Ueland said.
The results were highlighted at the 17th Annual European Society of Gynecologic Oncology meeting, held in Milan from September 11-14.
Vermillion shares traded around $33 last March, before the company went bankrupt. They were trading at ten times their ten-day average at $3.29 on Monday morning on Nasdaq, and touched a high of $3.50 earlier in the session.
(Reporting by Zeba Siddiqui in Bangalore; Editing by Joyjeet Das)
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