ITUS Corporation (NASDAQ:ITUS) revealed positive news from its diagnostics subsidiary, whose platform has been used to successfully detect lung cancer.
Anixa Diagnostics Corporation has successfully shown that its Cchek early cancer detection platform can be used to identify the presence of lung cancer, the group told investors.
ITUS funds, develops, acquires, and licenses emerging technologies in areas such as biotechnology.
Anixa will now expand its ongoing biomarker study to include additional lung cancer samples. It comes after the group previously announced results from the study with breast cancer patients.
Lung cancer is the leading cause of cancer death in the US, accounting for around 27% of all cancer related deaths, while breast cancer is the second leading cause.
Dr Amit Kumar, ITUS's executive chairman and Anixa's chief executive, said: "The most common method currently used for lung cancer screening is low dose computer tomography (LDCT), an often ineffective approach that generates numerous false positive results.
"To verify the results of LDCT, a biopsy is often utilised, requiring one of three procedures: a needle is inserted through the chest and into the lung to remove tissue; surgery through the chest wall between the ribs; or a bronchoscope inserted through the mouth or nose enabling removal of lung tissue.
"All of these techniques are extremely painful and costly. With further study and validation of our technology, our hope is to reduce the number of traditional lung biopsies."
Anixa is working with the Wistar Institute, at the campus of the University of Pennsylvania to develop a platform to launch non-invasive, highly accurate, cost effective cancer screening blood tests.
ITUS shares added 2.09% in New York to US$2.93.