Venaxis Inc (NASDAQ:APPY) announces positive outcome from its test trail


Dallas, Texas 10/07/2013 (Financialstrend) – Market value of drug development company stock Venaxis Inc (NASDAQ:APPY) has swung like pendulum over the past 30 days. During 15 days period of September 5 to September 15 the shares appreciated by close to 27%. Since then the stock has seen an appreciable drop of 9.7% in value. On October 4 the share price had settled at $1.95 per share which was up 2.63% from its previous day close. This sudden drop in investor confidence happened paradoxically on the back of a fairly positive announcement from Venaxis. The drug developer announced that its “appendicitis screening test” procedure code named CE Marked APPY 1 test has received an in principal go ahead from company appointed “independent board made of external professionals”. APPY had put in place a Data and Safety Monitoring Board (DSMB) to review findings from its first clinical trials of the “CE Marked APPY 1 test”. The continuation of this test is predicated by positive results coming out of its second and final “futility analysis” which is part of the pre decided clinic trail process.

The results were based on independently reviewed tests conducted on 1,061 patients. These tests were a follow up on previous futility analysis conducted on 579 patients. The second and last futility testing would involve testing close to 2,000 patients. As of date, close to 1,300 have been registered for these tests and  Venaxis hopes to commence the final round of testing by end of the year.

Steve Lundy, President and CEO of Venaxis is quoted to have said “Further encouraged by the DSMB’s final recommendation to complete the trial as designed, we continue to anticipate enrolment completion by the end of 2013”. The company has given guidance that if results from the test continue to be positive, then it will file for “FDA clearance in the first quarter 2014.”

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.