Impedimed share price has surged 6.25% after a study showed that its technology is effective in screening subclinical breast cancer.
The post Impedimed (ASX: IPD) share price up 6% on study results appeared first on Motley Fool Australia. –
The Impedimed Limited (ASX: IPD) share price lifted this morning on positive results from a significant cancer screening study. The results show that its bio-impedance spectroscopy (BIS) technology is more effective in screening and detecting subclinical breast cancer. Particularly in high-risk patients.
The Impedimed share price shot up as high as 18.5 cents in early trade today but has since retreated to 17 cents, up 6.25% at the time of writing.
What did the study find?
The medical device company is developing ‘BIS L-Dex’, a device that incorporates its in-house L-Dex technology and BIS to measure and monitor fluid status in breast cancer patients.
The device sends a low-level electrical signal through the body. As lymphedema (abnormal swelling that develops as a side-effect of breast cancer surgery or radiation therapy) develops, the amount of fluid increases. This makes it easier for the signal to travel though the body’s extracellular fluid. The L-Dex BIS then gives a score based on how easily the electrical signal moves through both unaffected and affected parts.
The study confirmed that overall, the BIS L-Dex device achieved an 81% relative reduction in the rate of chronic lymphoedema when compared with tape measure – with a p-value of <0.001. In medical statistics, a p-value of <0.001 is the highest score and indicates that it’s statistically significant.
The results are also clinically significant, demonstrating patients monitored with BIS L-Dex were significantly less likely to develop chronic breast cancer-related lymphedema (BCRL).
Impedimed said the study was performed on more than 67,000 women with breast cancer, with follow-up ranging from 8 months to 3.9 years. This meta-analysis will form a strong submission to the National Comprehensive Cancer Network (NCCN) in the United States.
A bit about Impedimed
Impedimed is a medical device company that produces a family of FDA-approved devices. It has been listed on the ASX since 2007.
Earlier this month, the company made news when pharmaceutical giant AstraZeneca selected its Sozo device for a phase-2 trial in order to measure fluid volume in patients with chronic kidney disease. The AstraZeneca study will use the Impedimed device to evaluate the efficacy, safety and tolerability of a combination of two AstraZeneca drugs.
How has the Impedimed share price performed in 2020
In the first quarter of FY21, Impedimed reported revenue of $1.5 million, an increase of 11% on the prior corresponding period. Impedimed also had $15.4 million cash on hand at 30 September 2020.
The Impedimed share price is up more than 430% since its 52-week low of 3.2 cents, and it’s also up by 13% since the beginning of the year. The company commands a market value of $172 million.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.