ITUS Corp (NASDAQ:ITUS)
Shares of ITUS Corp (NASDAQ:ITUS) surged 85.15% after the United States Patent and Trademark Office (USPTO) granted the company a patent for an early cancer detection technology. The company’s wholly-owned subsidiary Anixa Diagnostics Corporation is currently developing the technology.
Investor reaction does not come as a surprise given what is at stake. Cancer detection and treatment is a multi-billion industry and presents ITUS Corp (NASDAQ:ITUS) a unique opportunity for growth.
The 85.15% rally helped push the stock above the $1.00 per share mark. The stock is still down by more than 60% for the year as it continues to trade in a strong downtrend. A close above the $1.30 mark could see the stock making a run for the $2.00 a share mark which serves a key resistance level. It now awaits to be seen if the new patent will continue to strengthen investor’s sentiments on the stock.
“This is the first patent to issue of several patents that we expect to issue garnering protection of our cancer detection technology. The claims of this patent were allowed in May of 2017, and now we have received the official issuance notification and patent number,” said CEO, Amit Kumar.
Cancer Detection technology
The proposed cancer detection technology utilizes flow cytometer to measure the presence and characteristics of certain circulating immune cells. ITUS Corp (NASDAQ:ITUS) is currently relying on artificial intelligence to analyze data from the immune cells, in a manner that enhances the detection of tumor in patients
The technology has successfully identified 15 types of cancer including breast, prostate, colon, and lung. The technology’s success in detecting various types of cancer is attributed to its ability to measure subtle changes in immune cells.
Itus Corporation has also started to perform additional tests in a bid to evaluate the technology’s ability to detect benign conditions that may exist in patients. The company has since renewed its collaboration with the Wistar Institute for the development of the cancer detection technology. The two have worked together over the last two years.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.