BioTime, Inc. (NYSEAMERICAN:BTX) stock seems to have kicked off this month with a bearish trend despite its affiliate firm OncoCyte Corp (NYSEAMERICAN:OCX) reporting positive findings from DetermaVu’s lung cancer diagnostic test.
OncoCyte focuses on developing innovative and non-invasive early diagnosis cancer tests, and its DetermaVu lung cancer diagnostic test happens to be one of its current pipeline tests.The company developed DetermaVu as a liquid biopsy test aimed at lung cancer detection. OncoCyte revealed in its announcement that its R&D validation study highlighted 90% (95% CI 82%-95%) DetermaVu sensitivity and 75% (95% CI 68%-81%) specificity.
DetermaVu’s numbers are outstanding and better than those of rivals
The study had around 250 patients whose blood samples were examined by lab operators in a blind test. 95% confidence interval (CI) indicates a 95% likelihood of the test performance is within the suggested range. OncoCyte also noted that the positive results prove DetermaVu’s ability to surpass critical parameters that are required in lung cancer diagnosis.
DetermaVu also managed to outdo reported results from rival tests as wells as other clinical models. OncoCyte is convinced that the strong results solidify its position as the best liquid biopsy lung cancer diagnostic test. This also paves the way for regulatory approval shortly, something that the company is working towards.
“As the largest shareholder of OncoCyte, we wish to congratulate the entire team on obtaining positive results from the validation study of DetermaVu™ which were announced yesterday morning,” stated BioTime CEO, Brian M. Culley.
BioTime in support of OncoCyte’s pursuit for DetermaVu’s commercial launch
BioTime owns 36% of OncoCyte’s outstanding common stock, and thus it has a vested interest in the company’s performance. Culley also added that his firm looks forward to DetermaVu’s commercial launch which might happen sometime later this year.
OncoCyte has been developing DetermaVu so that it can be used to confirm lung cancer’s presence or absence. Such a test would be ideal in eliminating the need for invasive biopsies unnecessary in case suspicious nodules are detected in the lungs. Detection of the suspicious nodules is usually done through scans such as X-rays.