In a report dated April 30, 2010, LifeTech Capital initiated coverage of Biomoda, Inc. (OTCBB: BMOD) with a price target of $1.00 per share. Highlights from the report include:
Biomoda is on track to complete its CyPath Phase II pilot study for the early detection of lung cancer this quarter. The primary endpoint is to discover 6 to 10 asymptomatic patients in the first cohort which was met with just over 130 patients. They are collecting additional positive control data for another 44 patients which is expected to be completed in June.
Successful results of the Phase II pilot trial in Q2 should pave the way for the initiation of a Pivotal Phase III by year-end. In addition, the Phase II results may be sufficient to receive a CE Mark in Europe by year-end with a European launch early next year.