Cizzle Biotechnology Holdings PLC (LSE:CIZ)'s shares rose after the company said it is optimising its early-stage lung cancer test technology to detect more cancer types.
Shares were up 8.33% to 1.46p in London.
The company is developing a blood test for the early detection of lung cancer and its technology is based on the ability to detect a stable plasma biomarker, a variant of the CIZ1 gene known as CIZ1B.
New projects have been initiated by the company to evaluate CIZ1B for detecting other cancers, with an initial focus on breast cancer, which might widen the cancer biomarker utility.
In collaboration with FairJourney Biologics, the UK diagnostics company said it has been able to successfully produce monoclonal antibodies, and has engaged additional suppliers to develop a range of monoclonal antibodies.
"It is an unfortunate fact that in the UK alone every two minutes someone is diagnosed with cancer. That is compounded by the fact that in its early stage, cancer can be asymptomatic and remain undetected until the disease has advanced, lowering survival rates," said Allan Syms, executive chairman, in a statement.
"Simple, inexpensive, blood tests for early cancer detection can help save lives. The recent progress made in developing these tests at Cizzle Biotechnology, not just for lung cancer, but for a range of other cancers is a significant step forward in our ambitions to provide the right tools to improve cancer patient outcomes."