Orchid BioSciences Doubles in Premarket

A technology it developed to determine paternity is approved by a standards group.
By TSC Staff ,

Biotech penny-stock

Orchid BioSciences

(ORCH)

doubled in premarket trading Wednesday after reporting progress with a technology it developed to determine paternity.

The company said the American Association of Blood Banks approved its single nucleotide polymorphisms technology for use in paternity tests. The association is the main standard-setting organization for parentage testing in the U.S.

Orchid will use the technology in its own Orchid GeneScreen line, reducing the per-test cost, raising margins and increasing capacity.

The shares were up 50 cents to $1 on Instinet recently.

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