Calypte Shares Climb On Word Urine Test Picked Up Undetected HIV
Dow Jones Online News, Thursday, December 03, 1998 at 12:52
NEW YORK -(Dow Jones)- Shares of Calypte Biomedical Corp. soared
Thursday, a move one analyst credited to new research showing the
company's urine test detected HIV exposure in patients where blood
testing didn't.
In early afternoon trading, shares of Calypte Biomedical (CALY)
surged $1.734, or 77%, to $3.984 on colume of 886,400. Average daily
volume is 85,372.
Fred Toney, managing director of Pacific Growth Equities, said an
independent study of about 25,000 patients found 24 urine-positive tests
for the HIV-1 antibody after the patients had been blood-negative.
"This news is very significant for the company," Toney said. "They
have the only urine HIV-1 test. They have solid patents which run
through 2009." He termed the stock rise "certainly warranted" and said
he "wouldn't be surprised" at additional gains later Thursday.
The Calypte test, which has only been on the market a short while,
has two parts - a screening test and a confirmatory test. Toney said the
test could be used in isolation or in combination depending on the
market. It would be best in combination for what are considered
"zero-tolerance" cases, such as pregnant women, where the best possible
screen is required but a blood test alone may not detect the exposure in
low-risk patients.
"Because of that," Toney said, "combination testing is better, with
blood and urine, so that you don't miss these cases."
Patients who test urine-positive but blood-negative can then take a
so-called viral load test, which is more sesitive than regualr screening
blood tests, to see whether they've contracted HIV.
An example of a stand-alone market is screening insurance policy
applicants. "They can screen a lot of policies because it's low-cost,"
Toney said. He said Calypte has already been signing up life insurance
companies for the tests.
-Mike Reid; 201-938-5099
Copyright (c) 1998 Dow Jones & Company, Inc.
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