2023-03-22 11:09:24 ET
- Applied DNA Sciences ( NASDAQ: APDN ) stock rose ~11% on Wednesday after the company said its unit Applied DNA Clinical Labs (ADCL) submitted a validation package to the New York State Department of Health (NYSDOH) seeking approval of a pharmacogenomics (PGx) assay as a NYSDOH laboratory-developed test (LDT).
- If approved, the test will be used by ADCL for its population-scale PGx testing services.
- Applied DNA said ADCL's PGx testing will focus on population-scale testing which is expected to be accretive to ADCL’s margin profile.
- ADCL's commercial strategy is focused on the direct-to-enterprise and self-insured health markets which do not require ADCL to seek third-party reimbursement or engage in individual patient billing, Applied DNA added.
- "Given PGx testing’s attractive margin profile and ongoing conversations with prospective customers, we view this first genetic assay as the basis for a long-term, profitable testing service," said Applied DNA President and CEO James Hayward.
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Applied DNA stock rises ~10% on seeking New York regulator approval of lab test