Zomedica is on the verge of developing certain assays that might be the first ever available in veterinary medicine.
Shares of Zomedica Corp. (ZOM) soared up to 50% in the premarket following the announcement of the expected commercialization date for its TRUFORMA™ point-of-care diagnostic platform.
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In spite of unconvincing third quarter 2020 results, the veterinary health company is rallying on high volume today. ZOM was aiming for the top with a volume of 236 million, just behind the leading stock NIO.
The stock kicked off with a bullish momentum and opened the session at $0.11 from the previous close of $0.08. As we write this at 1:40 P.M. EDT, ZOM was trading at $0.097 soaring by 21.25%.
The company is set to begin the commercialization of its TRUFORMA™ point-of-care diagnostic platform on March 30, 2021. It is a great opportunity for Zomedica to claim its authority in the market.
Over the past months, the company was looking to advance TRUFORMA into the final stage and begin the process of commercialization. Finally, Zomedicahas entered that phase where they can approach the commercial availability of its first product. The interim CEO of the health firm, Robert Cohen commented:
“I very much look forward to being able to report our first sale following launch.”
The TRUFORMA platform is protected by almost 70 issued and pending patents. TRUFORMA uses a Bulk Acoustic Wave (BAW) technology that allows the assay to cure the point-of-care. BAW provides a non-optical and fluorescence-free detection system that helps in achieving the desired result.
Currently, there are five initial assays under developmentthat comprise two panels. Zomedica’s potential assays having two panels allows – one each to detect thyroid and adrenal disease.
Thus far, the company has obtained verification for canine and feline TSH, canine and feline tT4, canine fT4 and canine cortisol assays. As the results of all these assays have been encouraging, Zomedicaexpects to obtain validation of these assays in the near future.
A potential opportunity to Capture the market
Zomedica believes that the TRUFORMA platform represents the first use of BAW technology in disorder and disease-state diagnostics.
The expected global market for the diagnostics segment ofcompanion animals is projected to reach $2.8 billion by 2024. This will be a 9.8% CAGR, increasing from $1.7 billion in 2019.
Another major factor that gives Zomedica a massive edge is that the assays under development are expected to be the first-ever developed for use at the point-of-care. Not only that, the company believes that its assays are the first-ever available in veterinary medicine.
Zomedica Corp. (ZOM) has a potential opportunity to expand its market to the grass root level and control the segment. The company wants to make an impactful contribution to the health and treatment of pets.