In February Biomoda, Inc. announced full enrollment of an ongoing trial, and shares spiked significantly on the news with heavy volume.
The February press release also announced that top-line results would be available by the end of March and on Wednesday the company announced positive results of the trial.
CEO Maria Zannes stated in a press release that "The results demonstrate that CyPath® is a significant new biomarker for lung cancer that can be optimized for use as an inexpensive, noninvasive lung cancer diagnostic for large at-risk populations."
With the positive news announced, Biomoda plans to seek out partnerships to develop its cancer-detecting diagnostic tests to market.
Shares of BMOD fell sharply on the news, trading down by as much as 50% which, in my opinion, opened up a nice - although still highly speculative - buying opportunity.
Keep an eye on this one as the story develops.
Disclosure: Long BMOD.