ITUS Corp (NASDAQ:ITUS)
ITUS Corp (NASDAQ:ITUS) traded higher after providing an update on its new cancer detection system, Cchek, and a new CAR-T initiative for ovarian cancer. The stock was up by 6.21% to cap an impressive week that saw the stock rally by more than 40%.
However, ITUS shares are still down by more than 50% for the year after coming under immense selling pressure. It is currently trading in a $1.92- $2.35 trading range awaiting to see if the current bullish momentum will push the stock above the $2.35 mark – the next resistance level.
Renewed investor interest follows the announcement that Cchek can detect up to 15 types of cancers. The U. S Patent and Trademark Office (USPTO) has already granted the company a patent for the technology developed by Anixa Diagnostics Corporation, a wholly-owned subsidiary.
“We continue to make progress in our R&D efforts as we work with our partners, MD Anderson, U. Pennsylvania’s Abramson Cancer Center, Delaware Valley Urology, Virtua Hospitals, and others. Cchek™, which has demonstrated 91% sensitivity and specificity in a preliminary study, continues to perform at that level or better,” said CEO, Amit Kumar.
ITUS Corp (NASDAQ:ITUS) is currently conducting studies with a number of collaborators as it seeks to expand the indications of the cancer detection technology. The ongoing studies seek to determine whether the technology can be used as a monitoring therapy as well as for evaluating patient response to various immuno-oncology drugs.
In addition to helping in the detection of cancer, ITUS Corp (NASDAQ:ITUS) is expanding its footprint into the business of fighting cancer. The company has signed an exclusive agreement with the Wistar Institute for the licensing of the company’s Chimeric Antigen Receptor T-cell CAR-T.
The CAR-T technology paves way for ITUS Corp (NASDAQ:ITUS) to flex its muscle on the development of treatments for ovarian cancer as well as Prostate, Pancreatic among other cancers.
“In addition to our ongoing discussions with The Wistar Institute, we are concurrently negotiating with one of the country’s top cancer centers to further develop the technology, aiming to complete the studies necessary to submit to the US FDA, enabling human testing on ovarian cancer patients,” stated Dr. Kumar.
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: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.