In collaboration with Qorvo Biotechnologies, Zomedica Pharmaceuticals Corp plans to develop three new assays for the diagnosis of canine gastrointestinal issues.
Zomedica Pharmaceuticals Corp. (ZOM) has surged followed by the announcement of gastrointestinal testing panel for TRUFORMA, which is a point-of-care veterinary diagnostic platform developed by the company. Where most of the market has kicked off the day bearish, ZOM seems to move opposite to the rest of the market.
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The pharmaceutical firm recently announced that it has made an agreement with its development partner Qorvo Biotechnologies, LLC, to work on the development of three new assays to fight against the canine gastrointestinal issues. The new assays will include Folate, canine Pancreatic Lipase (cPL), and Cobalamin.
The three new assays are followed by the five initial assays which are under development including panels for adrenal and thyroid testing, for TRUFORMA. Under the agreement signed with Qorvo, the company will pursue the development of the new assays completing the deal with a $2 million milestone payment.
The Interim CEO of Zomedica, Robert Cohen highlighted that their goal is to expand the diagnostic offerings available on the platform.
“Our intent for TRUFORMA™ always has been to have it serve as a broad diagnostic point-of-care tool for dogs and cats and to continue to expand the diagnostic offerings available on the platform.”
The company believes that the combination of Folate, cPL, and Cobalamin assays will allow the veterinarians to utilize TRUFORMA in conducting an in-depth testing panel for the therapy of dogs suffering from gastrointestinal distress.
If Zomedica successfully develops this combination, the new assays will become the first non-infectious gastrointestinal panel optimized for use in canines fully available at the point-of-care to facilitate rapid diagnosis of gastrointestinal disorders.
The company is looking forward to merging its assays with Qorvo’s proprietary, non-optical Bulk Acoustic Wave (BAW) sensor technology that will provide highly sensitive treatment through TRUFORMA diagnostic device.
The BAW technology will potentially improve veterinary diagnostics through reference laboratory accuracy and provide better test performance at the point-of-care to the veterinary clinic. Moreover, the company believes that this will also promote earlier detection and treatment, reduce in-patient clinic stay, increase pet owner satisfaction.
Zomedica stock price has seen a surge followed by the news of gastrointestinal testing panel. As of 1:10 P.M. EDT, Zomedica (ZOM) was trading at 0.1178 with rising up to almost 3%. ZOM began the day at $0.1211 and so far, it looks to push its price, whereas, most of the market has been trading in red today.