Updated from 9:09 a.m. EDT
jumped more than 19% in heavy trading Monday after the small California biotech announced what it described as promising results for detection of early-stage ovarian cancer.
"Diagnosis of early stage ovarian cancer could play a critical role in decreasing the mortality from this disease," the company said in a statement about the research published in today's edition of the journal
. The study was performed in collaboration with the Johns Hopkins School of Medicine.
Ovarian cancer strikes some 23,000 women a year in the U.S. There are over 14,000 deaths from the disease each year, according to the company.
Ciphergen develops, manufactures and markets its ProteinChip Systems, which integrate the key steps of proteomics research on a single, miniaturized biochip.
Shares rose 52 cents, or 19.2%, to $3.23. About 955,000 shares changed hands, almost four times the daily average.
In its second quarter ended June 30, the company posted a net loss of $13.1 million, compared with a net loss of $15.6 million for the comparable period of 2003, which included a $7.3 million non-recurring expense related to a litigation settlement. Revenue fell 25% to $10.8 million.