Molecular diagnostics company Genetic Technologies (NASDAQ: GENE) shares have rocketed premarket on Thursday after the company provided an update on its COVID-19 severity risk test saying its predictive capabilities improved 100% over age and sex alone.
Genetic stated that analysis confirmed the test is well-calibrated, and additional datasets will continue to enhance the accuracy and consistency of its algorithm.
The company anticipates submission for regulatory clearance via the Centers for Medicare and Medicaid Services/Clinical Laboratory Improvement Amendments (CLIA) by the end of the first quarter of 2021 after the final validation process of an expanded dataset.
They are also in conversations on commercialisation opportunities in conjunction with CLIA regulatory submission and clearance.
Alongside the announcement, Genetic said it has begun equipment calibration along with specialized inhouse training of the scientific team to establish the Germline Testing division for hereditary cancer risk with the initial focus being on BRCA testing offered in conjunction with GeneType for Breast Cancer and Lynch Syndrome testing offered in conjunction with GeneType Colorectal Cancer.
Genetic shares initially jumped over 86% on the news and are currently trading at $7.74, +80%.