Radient Pharmaceuticals (RPC) Down 8% After Response to J&J Cancer Test
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Shares of Radient Pharmaceuticals Corp. (NYSE: RPC) are down 8.5 percent in midday market movement on Tuesday after the company responded to Johnson Johnson's (NYSE: JNJ) recent announcement of the research and development of a cancer blood test.
The shares plummeted after JNJ announced that it was developing a cancer test to rival Radient's Onko-Sure test.
"RPC continues to actively communicate the merits and availability of its FDA-cleared Onko-Sure IVD cancer test -- a simple, non-invasive blood test proven to monitor and/or detect cancer as early as Duke's Stages A and B, where there is the highest probability of successful treatment due to early diagnosis," the company said in a statement.
Radient tried to temper worries by adding that the JNJ test is is in the preliminary stage of research, development and experimentation, and is not FDA-approved.
The shares plummeted after JNJ announced that it was developing a cancer test to rival Radient's Onko-Sure test.
"RPC continues to actively communicate the merits and availability of its FDA-cleared Onko-Sure IVD cancer test -- a simple, non-invasive blood test proven to monitor and/or detect cancer as early as Duke's Stages A and B, where there is the highest probability of successful treatment due to early diagnosis," the company said in a statement.
Radient tried to temper worries by adding that the JNJ test is is in the preliminary stage of research, development and experimentation, and is not FDA-approved.
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