(Reuters) - Genetic Technologies Ltd said its lead cancer test BrevaGen has been cleared for sale in California, which it expects to be a large and significant market.
The Nasdaq-listed shares of the company, which has operations in Australia and the United States, rose as much as 37 percent to $4.79 on Thursday morning, making it one of the top percentage gainers on the exchange.
The genetic test maker said the Laboratory Field Services Unit of the California Department of Public Health had granted it a license to sell BrevaGen in the state.
The company had received approval in April 2011 to sell BrevaGen, which is designed to help physicians assess breast cancer risk in patients, in 42 states.
The company said it would roll-out the test in California in the coming weeks.
"Based solely on incidence rates, California represents about 11 percent of the United States' total breast cancer incidents," the company said in a statement.
(Reporting by Shailesh Kuber in Bangalore; Editing by Roshni Menon)
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