Shares of DIAGNOS Inc. Explode on Agreement for Screening Program for Diabetic Eye Disease
Tuesday, March 10, 2015
At AllPennyStocks.com, we frequently write on companies involved in the diabetes space as it is a disease growing worldwide at an unabated fast pace with still only limited treatment options. We’re not just delivering a public service announcement (although everyone should get checked and maintain care protocols); we see the area as a tremendous opportunity for companies that can develop effective products. The International Diabetes Federation estimates that a stunning 387 million people have diabetes currently and that number will swell to 592 million in the next twenty years at the current pace.
Of the many frequent concerns that diabetes patients are faced with, eye damage ranks high in prominence. Diabetic eye disease is the broad term covering several eye problems that can cause severe vision loss or blindness as a complication of diabetes, including diabetic retinopathy (damaged blood vessels in the retina), cataracts (clouding of eye lens) and glaucoma (increased fluid pressure in the eye, leads to optic nerve damage). Diabetic retinopathy is the most common diabetic eye disease and a leading cause of blindness in adults.
Brossard, Quebec-based DIAGNOS Inc. (TSX-Venture:ADK) has developed and brought to market the software program CARA (Computer Assisted Retinal Analysis). CARA, a clinically proven tele-ophthalmology platform, uses enhanced digital images to support the early detection of vision loss and more particularly diabetic retinopathy. Accessible via the Internet and EMR compatible, CARA integrates with existing equipment and processes at the point of care and is comprised of image upload, image enhancement automated pre-screening, grading by a specialist, and referral to a specialist, making it possible for high volumes of patients to be screened in real time. The company’s screening program can also detect other vision-threatening diseases, such as age-related macular degeneration. In short, CARA detects patients at risk of complications so preventative measures can be implemented to improve the quality of life of diabetes patients and reduce the risk of severe eye damage or blindness.
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The system is approved for marketing by Health Canada, the U.S. Food and Drug Administration and the European Union.
Elsewhere, the company developed and markets CARDS (Computer Aided Resource Detection System) to help mineral explorers identify areas with a high statistical probability of similarity to known areas of mineralization. Last week, DIAGNOS said that it is restructuring its business, including the possible sale of CARDS due to unfavorable mining exploration conditions, to focus on its healthcare operations.
Shares of ADK are exploding in volume and price on Tuesday following the company’s announcement that it has closed a commercial agreement to provide retina screening services to patients in the United States. As so often happens, the sponsor of the services’ name was not provided, only listed as “a major U.S.-based pharmaceutical company that markets a leading ophthalmology product indicated for a variety of ophthalmic complications including those associated with diabetes.”
Tuesday’s news was the second pharmaceutical contract for DIAGNOS and CARA and the company foresees more to come.
"Together with our other partners such as leading pharmaceutical companies, governments, nursing homes, and corporations, DIAGNOS is improving the quality of life of patients and minimizing the economic burden of vision problems around the world. We expect to continue putting into place additional nonexclusive agreements in the Unites States and in many other countries," said Andre Larente, President of DIAGNOS, in a Tuesday’s press release.
Nearly 5 million shares of ADK have traded with nearly three hours to go in the trading day on Tuesday. Shares are up to 8.5 cents each from Monday’s closing price of 3.5 cents, representing a gain of 112.5%.
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