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Shares in (NYSE:VNRX) rose in early deals after the life sciences company announced it had received a first CE Mark for a blood-based diagnostic assay paving the way for clinical sales in Europe.
The award is for NuQX001S for detecting colorectal cancer.
It will allow the company to sell the assay in the 28 member states of the European Union as well as Switzerland Turkey Iceland Norway and Liechtenstein - an area with a total population of nearly 600 million people.
Reynolds president and chief executive of told investors: "This is yet another very important milestone for the company on our path to making our blood tests available to patients."
He added: "We are currently in the process of CE marking other assays to finalise the panel for the anticipated European launch of our tests in 2016.
"We are proud of the thorough scientific and operational development of our NuQ colorectal cancer tests and I would particularly like to thank our whole team who through years of dedication and commitment have made this key milestone possible.
"We also aim to continue to progress in 2016 towards our goal of making our assays available for clinical use in the US and the rest of the world."
Shares rose 0.8% at $10.10 a.m. in New York after reaching as high as $5.23. The stock is up 28% this year.
The NuQ test uses the company's proprietary nucleosomics technology platform which identifies and analyses fragments of chromosomes called nucleosomes circulating within the blood for the presence of cancer signals.
The NuQX001S assay is the first to be CE Marked out of a suite of NuQ assays developed by targeting different epigenetic modifications that indicate that cancer is present the company said.
anticipates launching its panel of CE Marked assays for clinical use in Europe during 2016.
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