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BARD1 Life Sciences (ASX: BD1) - September Quarter Activities Report
- During the quarter, BD1 continued to further develop, optimise, and validate its innovative blood test for early-stage lung cancer with Meso-Scale Diagnostics.
- Test sample size will increase to 600 from 200 in November.
- Net cash of A$421k used in operating activities during the quarter; cash balance as at 30 September 2016 = A$2.67m.
BARD1 appears to be on schedule to meet its key objective of completing a clinical trial of at least 2,000 samples within two years from listing. Relative to the valuation attached to overseas peers in the blood diagnostic space, we attach an indicative valuation to BD1 of A$50m, equivalent to A$0.09 per share. See State One Research Note.