NEW YORK, NY / ACCESSWIRE / June 6, 2018 / Both Co-Diagnostics and Valeant Pharmaceuticals saw big gains on Tuesday despite one not even having any news. Co-Diagnostics leaped ahead after announcing an advancement in its Co-Primer™ platform technology in multiplex tests for SNP detection. Shares of Valeant closed higher on no remarkable news. The company is gearing up to change its name to Bausch Health Companies.
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Valeant Pharmaceuticals International, Inc.
Co-Diagnostics, Inc. shares closed up 18.92% on about 12.3 million shares yesterday. The molecular diagnostics company announced on Tuesday an advancement in its Co-Primer™ platform technology in multiplex tests for SNP detection. SNP detection, according to the company's press release, "refers to finding small-scale but clinically-significant mutations in a given gene using real-time polymerase chain reaction (PCR) testing." CEO Dwight Egan stated, "The unique structure and cooperative relationship between the Co-Primer molecules enhance PCR by making the reactions more specific, to better differentiate between similar target genetic sequences. The medical and diagnostics industries are more aware than ever of the importance of correctly and accurately identifying the existence and genetic variant of cancer in patients afflicted by this life-altering condition. The Company's development will further augment our product offerings, where specificity is the key to unlocking successful multiplexed reactions. Industry experts have already recognized the advantages of Co-Primers in being able to "mix-and-match" primers for SNP mutations and we are confident that the potential applications of our advanced technology represents a key opportunity for the Company, and for PCR technology as a whole."
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Valeant Pharmaceuticals International, Inc. shares closed up 7.23% yesterday on around 13 million shares traded. The pharma giant didn't have any particular news to explain the move. It was last month that the company reported first-quarter loss compared with a year-ago profit and said that it would change its name to Bausch Health Companies. "It became clear that Bausch Health Companies best represents the company we are today," said CEO Joseph Papa. The new name comes from the company's best performing optical products unit and is part of the company's turn around efforts. Valeant has also raised its full-year revenue forecast range to $8.15 billion to $8.35 billion from $8.10 billion to $8.30 billion. It was also last month that a former Valeant Pharmaceuticals International Inc. executive and the former chief of mail order pharmacy Philidor Rx Services were found guilty of defrauding Valeant through a multimillion-dollar kickback scheme.
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