Applied DNA Sciences, Inc. (NASDAQ: APDN) is a biotechnology company that is focused on producing and developing polymerase chain reaction (PCR)-based technologies for diagnostic testing. The company also develops nucleic acid-based therapies and DNA detection solutions for industrial supply chain security services.
Shares of the biotech company are skyrocketing 212% through early trading on Tuesday, August 2, 2022. Over the past three months, Applied DNA Sciences has seen average daily volume of 151,840 shares. However, volume of 43.1 million shares or dollar volume of around $97.41 million, has already exchanged hands through early trading.
The biotech company’s shares are soaring after the company announced it has launched analytical validation testing of its PCR-based diagnostic test for the monkeypox virus. The test will be developed as a type of New York State Department of Health (NYSDOH) Laboratory Developed Test (LDT). If validated, Applied DNA Sciences will submit its findings to the NYSDOH for approval and use in detecting monkeypox.
The company’s PCR test uses an A17L gene-target specific to the monkeypox virus, which is able to detect and differentiate the virus from other orthopoxviruses. After understanding the importance of PCR testing from the COVID pandemic, Applied DNA Sciences seeks to get a diagnostic solution available for market. This comes as the monkeypox virus only has continued its spread across the United States and world.
“Based on our experience with the COVID-19 pandemic, we are keenly aware of the crucial role PCR-based diagnostic tools can play in responding and helping to control public health outbreaks. With a proven workflow and testing services born of COVID-19, upon test approval, ADCL stands ready to apply its testing capacity in service of New Yorkers’ health,” stated Dr. James A. Hayward, president and CEO of Applied DNA Sciences.
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