ResApp trial sends shares up 36pc as rollercoaster ride continues
Health & Biotech
Health & Biotech
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Shares in ResApp (ASX:RAP) have jumped 36 per cent this morning to six-month highs after it announced positive results from an adult trial of coughing app.
ResApp is hoping to help manage respiratory disease such as asthma – and make plenty of money along the way – with diagnostic smartphone apps.
The company is currently sweating on the outcome of US and European applications to have its device approved for use in children.
In the meantime, it recruited nearly 1,000 adult patients in a clinical trial to see if its algorithms could accurately diagnose acute respiratory disease — and results show ResApp’s technology achieved 86 per cent agreement with clinicians for lower respiratory tract disease and pneumonia.
It also showed the algorithms accurately identified acute exacerbations in patients with chronic obstructive pulmonary disease (COPD) or asthma, and were able to accurately screen for COPD in a broad general population.
Research house Morgans reaffirmed its recommendation that investors with a higher risk profile should add the stock to their portfolio, holding a target price of 19c.
ResApp chief Tony Keating said the results would be used to strengthen its submissions for CE Mark in Europe and TGA in Australia.
“The breadth of these results is exciting. Not only do we have outstanding results for the diagnosis of acute respiratory disease in adults, we also have compelling data on the identification of exacerbations in patients with asthma and COPD, as well as the ability to screen for COPD in the general population,” he said.
“These results underpin the commercialisation of a range of smartphone-based acute diagnostic and chronic disease management tools.”