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May 14, 2014 6:04 pm

U.S. FDA Approves Israeli Company’s Lung Cancer Scanning System; Shares Surge 18% on TASE

avatar by Joshua Levitt

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BioView's DUET-3 scanning station. Photo: BV.

BioView's DUET-3 scanning station. Photo: BV.

Shares of Israeli biotech firm BioView surged 18.7% to NIS 3.45 on Wednesday after the U.S. Food and Drug Administration approved its Duet scanning system for the detection of mutations in lung cancer patients, Israel’s Globes business daily reported.

In a statement, Dr. Alan Schwebel,  BioView President and CEO said, “We are pleased to receive FDA approval for the new application. This, along with our distribution agreement with Abbot Molecular and the broad range of applications will allow us to continue to penetrate the pathology lab market and to position BioView as a world leader.”

For cancer testing, BioView’s products offer a one-stop solution for the preparation of samples, scanning slides, analyzing results and preparing reports.

According to the U.S. National Cancer Institute, lung cancer is the cancer with the highest mortality rate around the world. In the U.S., there are more than 250,000 new diagnoses, and 160,000 deaths, each year.

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