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Cellmid Shares Continue To Rocket, Up 69%

Cellmid (ASX: CDY) continues to draw investor attention with shares soaring a further 69% to an intra-day high of A$0.049 Friday, up from a close of $0.029 a week earlier.

The ASX has issued a price and volume query, with 46.6 million shares traded by close of trade on Friday.

Cellmid responded to the ASX, saying it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

This latest share spike continues a recent bull run in the company's share price, with a 257% increase to Friday's closing price of $0.05 compared to the $0.014 Cellmid was trading at in mid-December.

The company recently sealed a key midkine diagnostic deal with listed Japanese company Fujikura Kasei Co (TYO: 4620), a major supplier of latex particles used in medical diagnostics with a market cap. of ¥12.4 billion (A$130 million).

Under the terms of the option to licence agreement, Cellmid will supply its anti-midkine diagnostic antibodies for validation on Fujikura's latex platform.

Midkine has been extensively validated as an early marker for a range of cancers and has also been shown to be useful in prognosis and disease management.

A latex based assay will be highly beneficial for the commercial launch of any midkine diagnostic product, as it is widely used and accepted in pathology laboratories. It is also preferred as it can easily be automated, reducing processing costs.

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