April 11 (Bloomberg) -- DiaGenic ASA, a Norwegian company developing tests to diagnose illnesses such as Alzheimer’s disease, rose the most in more than three weeks in Oslo after saying a patent application had been approved in Canada.
The Oslo-based company gained as much as 9.7 percent, the most since March 18, and traded 4.8 percent higher at 0.65 kroner as of 2:50 p.m. local time. About 4.3 million shares have been traded so far today, more than 30 times the average daily volume during the last three months.
DiaGenic’s patent claims cover the use of a set of blood gene sequences that are essential for the diagnosis of illnesses such as Alzheimer’s Disease, the company said in a statement today. Once granted, the patent will be valid until 2023.
DiaGenic has a “very thorough intellectual-property protection strategy and today is just one of the supporting examples,” Norne Securities analyst Jonas Peciulis said in an e-mailed reply to questions.
DiaGenic has developed gene-expression technology that uses blood samples to help researchers find patterns, or unique genetic fingerprints, which characterize a specific disease. The method helps detect illnesses including breast cancer and Alzheimer’s, the sixth-largest cause of death in the U.S., according to the Alzheimer’s Association.
While the news is positive, the main triggers for the share this year will be European marketing approval for DiaGenic’s new versions of its Alzheimer’s disease tests, subsequent marketing efforts and the results of a joint clinical study with GE Healthcare, a unit of General Electric Co., Peciulis said. Norne has a buy rating on DiaGenic with a 1.1 krone price estimate.
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