Transgemonic Up Another 33% Following Yesterday's 295% Run

Transgenomic Inc TBIO, a nano-cap biotechnology engaged in advancing personalized medicine for the detection and treatment of cancer, skyrocketed higher by 295 percent Thursday.

Transgenomic's stock gained $0.84 per share Thursday and closed at $1.12 after hitting an intra-day high of $1.27.

However, the rally continued during Friday's pre-market trading session as the stock soared above Thursday's daily high and was seen trading at $1.50 — up another 33.93 percent.

What Happened On Thursday

Transgenomic announced on Thursday it reached a licensing agreement with a leading Canadian laboratory services provider LifeLabs.

LifeLabs selected Transgenomic's ICE COLD-PCR (ICP) technology as its mutation enrichment platform for cancer testing as part of a three-year, renewable agreement, which also includes a non-exclusive license to the ICP technology in Canada.

Separately, Transgenomic announced issuance of a new Canadian patent for ICP.

The company further noted that LifeLabs will use the company's ICE COLD-PCR with tissue samples and is receiving a non-exclusive license to the ICP technology in Canada.

"LifeLabs is among the largest laboratory service providers in North America, and we view their adoption of ICE COLD-PCR as a key validation of both the technology and our commercial model that focuses on licensing to a wide variety of molecular diagnostics partners worldwide," commented Paul Kinnon, president and CEO of Transgenomic. "We believe that this sizable commercial licensing agreement is indicative of the growing traction in the marketplace we have been anticipating, and we believe that it will be followed by additional significant ICP agreements going forward."