NEW YORK, Nov. 29 (GenomeWeb News) - Shares in Nanogen slid 7.45 percent Tuesday afternoon in heavy volume after closing up more than 22 percent yesterday following news that the company's SynX subsidiary had won a European patent.
The stock was trading at $4.47 on the Nasdaq exchange mid-Tuesday, down from the $4.83 it reached on Monday afternoon. More than 2.4 million shares traded hands--a 285-percent increase over the average share volume for the past three months.
The patent, called "Method for Diagnosing and Distinguishing Stroke," covers a "diagnostic kit and method of measuring the presence of both an ischemic marker and a brain endothelial cell membrane protein to indicate that a patient has suffered a stroke and," Nanogen said in a statement. The IP is also designed to show "whether it was an ischemic or hemorrhagic cerebral event."
In October the US Patent and Trademark Office granted SynX a patent for "similar claims" related to the "rapid, point-of-care stoke diagnostic test that the company is developing for emergency medicine."
The patent covers a method and a diagnostic kit for analyzing the levels of proteins released from the brain during a neurovascular event. "By measuring the presence of an ischemic marker protein such as a myelin basic protein, S100 protein, neuronal specific enolase, or similar molecules, and a brain endothelial membrane protein such as thrombomodulin or a similar molecule, a physician can determine the occurrence of a stroke," Nanogen said.