NanoString touts positive data after middling IPO
|NanoString's Prosigna tests works with its nCounter analyzer.--Courtesy of NanoString|
NanoString ($NSTG) is working to expand the adoption of its breast cancer diagnostic, pointing to a new study that found Prosigna to provide more information than a competitor.
The study, published in the Journal of Clinical Oncology, found that NanoString's test identified more prognostic data with better differentiation than Genomic Health's ($GHDX) Oncotype DX. Prosigna charts the PAM50 gene expression signature in post-menopausal women, and the study's authors concluded that the test predicted cancer recurrence with more detail.
NanoString hopes those data will help it push Prosigna into more and more labs around the world as the company looks to grow revenue after a so-so IPO. Back in May, NanoString filed to go public with an up-to-$86.3 million offering, but an apparent lack of interest led it to scale back, instead going public last week for an expected $54 million.
The company plans to spend much of that haul making its case to customers, and data touting the CE marked test's prognostic abilities can't hurt, CEO Brad Gray said.
"We look forward to discussing the results and conclusions of this study with oncologists, pathologists, and payers in the European Union and other countries that recognize the CE Mark as we continue with our commercial launch in those regions," Gray said in a statement.
The company raised $15.3 million in December to fund Prosigna's international launch, and NanoString is in the midst of a 1,400-patient study with an eye on future FDA approval.
- read NanoString's release