Shares of Transgenomic (NASDAQ: TBIO) are up roughly 169% late morning on word of its licensing agreement with Canadian laboratory service provider LifeLabs, which will use Transgenomics’ ICE COLD-PCR (ICP) technology as its mutation enrichment platform for cancer testing. The three-year renewable agreement permits LifeLabs to benefit from technology improvements and additional product launches during its term. Separately, Transgenomic also announced issuance of a new Canadian patent for ICP which covers the use of the ICE COLD-PCR method that enriches mutated DNA sequences in a background of normal DNA through to 2030. “We believe that this sizable commercial licensing agreement is indicative of the growing traction in the marketplace we have been anticipating, and we believe that it will be followed by additional significant ICP agreements going forward,” Paul Kinnon, Transgenomic president and CEO, stated in the news release.
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About Transgenomic
Transgenomic, Inc. is a global biotechnology company advancing personalized medicine in oncology and inherited diseases through advanced diagnostic technologies, such as its revolutionary ICE COLD-PCR, which enables use of liquid biopsies for mutation detection. The company also provides specialized clinical and research services to biopharmaceutical companies developing targeted therapies. Transgenomic’s diagnostic technologies are designed to improve medical diagnoses and patient outcomes. To learn more, visit www.transgenomic.com
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