Great Basin Scientific (GBSN) Stock Jumps After Receiving European Patent

NEW YORK (TheStreet) -- Shares of Great Basin Scientific (GBSN) were gaining 15.8% to $3.59 Tuesday after the molecular diagnostics company announced the European Patent Office issued a notice to allow for application for its on-chip amplification technology.

The allowed patent comes after Great Basin received a U.S. patent for the same technology for "point-of-care isothermal amplification and detection of polynucleotides on the surface of modified silicon chips."

"Protecting our intellectual and technological assets in competitive markets is critical to building upon our accomplishments, which we feel further emphasizes our leadership team's ability to execute against our business objectives and sets us apart in the molecular diagnostic space," Great Basin co-founder and CEO Ryan Ashton said. "This designation continues our momentum in providing inexpensive, easy-to-use low-plex and multi-plex tests for our growing customer base."

About 1.6 million shares of Great Basin were traded by 9:52 a.m. Tuesday, compared to the company's average trading volume of about 1.6 million shares a day.

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