PROG Stock: Why It Significantly Increased Today

By Amit Chowdhry ● September 14, 2021
  • The stock price of Progenity Inc (NASDAQ: PROG) increased by over 27% during intraday trading. This is why it happened.

The stock price of Progenity Inc (NASDAQ: PROG) increased by over 27% during intraday trading. Investors are responding positively to Progenity announcing today that the United States Patent and Trademark Office (USPTO) has issued U.S. Patent No. 11,112,403 for assessment of preeclampsia using assays for free and dissociated placental growth factor.
The patent is directed to the methods, compositions, and kits for detecting and measuring free and dissociated placental growth factor (PlGF) levels in biological samples. And PlGF is well-established as an important biomarker for the assessment of preeclampsia, and recent studies have revealed the importance of distinguishing between the free and bound forms when assessing the complex physiological pathways involved in preeclampsia.

The Preecludia test is expected to target an addressable market of up to $3 billion annually in the United States. Along with the laboratory-developed test (LDT) immunodiagnostic under development, this test has potential as an in vitro diagnostic (IVD) and point-of-care solution globally. Consistent with the company’s recent strategic transformation, Progenity is evaluating commercialization opportunities for launch of the LDT within the United States, and IVD embodiments to access the global opportunity for the Preecludia test. Progenity previously announced successful completion of the clinical validation study and achievement of the primary study endpoint, and is pursuing publication of the study results in a peer-reviewed medical journal.

Preeclampsia is known as the second most common cause of maternal mortality with more than 700,000 pregnant women presenting with signs and symptoms of possible preeclampsia each year. If left undiagnosed and improperly managed, then preeclampsia can result in impaired organ function, seizures, stroke, and death in the mother. And it may require pre-term delivery of the baby. 

Preeclampsia can result in both poor health outcomes and significant costs. And preeclampsia is often missed or misdiagnosed because the symptoms are common – appearing in up to 30% of pregnant women in the United States – and can easily be attributed to other causes.

KEY QUOTE:

“We are pleased the USPTO has granted this patent covering unique and novel methods for determining levels of free and dissociated PlGF, since detection and quantification of both biomarkers are critical for assessing preeclampsia. This discovery helped drive the excellent performance we observed in our clinical verification and validation studies. Patent protection is important as we pursue partnership opportunities for commercialization of the Preecludia™ test for the benefit of physicians and their patients.”

— Matthew Cooper, PhD, chief scientific officer of Progenity

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.