Progenity (NASDAQ:PROG) stock is taking off on Tuesday after the company revealed a new patent granted to it.
The patent for Progenity is for its “assessment of preeclampsia using assays for free and dissociated placental growth factor.” This covers methods, compositions, and kits that can detect and measure free and dissociated placental growth factor levels in biological samples.
This patent is connected to its Preecludia test. The company expects it to reach a $3 billion a year market in the U.S. That includes the laboratory-developed test immunodiagnostic that’s under development. It also has potential as an in vitro diagnostic and point-of-care solution around the world.
Progenity says that it’s planning for commercialization opportunities to launch the laboratory-developed test in the U.S. It’s also searching out ways to commercialize the in vitro diagnostic test across the globe.
Matthew Cooper, PhD, chief scientific officer of Progenity, said this about the news boosting PROG stock up today.
“We are pleased the USPTO has granted this patent covering unique and novel methods for determining levels of free and dissociated PlGF, since detection and quantification of both biomarkers are critical for assessing preeclampsia. This discovery helped drive the excellent performance we observed in our clinical verification and validation studies.”
PROG stock is seeing heavy trading alongside today’s patent news. As of this writing, more than 43 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 5.7 million shares.
PROG stock was up 14.7% as of Tuesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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