Ciphergen Gets Quest Deal

They'll work on a peripheral artery disease treatment.

Author:: Althea Chang
Publish date:: Jan 3, 2007 12:01 PM EST

Shares of

Ciphergen Biosystems

(CIPH)

jumped Wednesday after it announced an agreement with

Quest Diagnostics

(DGX) - Get Report

to co-develop a test for peripheral artery disease.

Ciphergen's shares were gaining 10.1% to 98 cents while Quest's shares were down 1.8% to $52.05.

Under the deal, Quest will assist Ciphergen in the development of the blood-based test. The companies previously agreed to jointly develop a test to detect ovarian tumors.

Peripheral artery disease can lead to clogged blood vessels in the arms and legs which, in severe cases, lead to amputation. Peripheral artery disease affects 8 million to 12 million Americans, according to Ciphergen. Research has shown that nearly 75% of people with the disorder do not experience symptoms.