Avalon GloboCare Corp (NASDAQ:ALBT) shares climbed 29% to $1.24 on Tuesday after the precision diagnostics and clinical laboratory services provider said it received a new US patent titled "QTY Fc Fusion Water Soluble Receptor Proteins," a collaborative effort with Dr Shuguang Zhang of the Massachusetts Institute of Technology (MIT), which encompasses the composition and methodology for a groundbreaking technology known as the "QTY Code."
According to the company, the QTY Code has the potential to transform water-insoluble transmembrane receptor proteins into their water-soluble counterparts, thereby expanding the horizon of therapeutic targets for conditions like cancer and diseases.
On August 30, 2023, shares of Avalon GloboCare rose 10% after the company announced that its 40%-owned Laboratory Services MSO, LLC (LSM) is now offering an in-house laboratory developed test to detect tuberculosis using a patient’s sputum sample.
LSM recently acquired Houston-based DE Laboratory LLC and opened a new laboratory in Scottsdale, Arizona.
For fiscal 2022, LSM generated a profit of $6.3 million on $14.7 million in revenue.
Avalon GloboCare noted that its profit-sharing arrangement with LSM is expected to result in "significant future cash flow" for Avalon.
Contact Sean at sean@proactiveinvestors.com