ITUS Corporation (NASDAQ: ITUS) has a name change in the offing.
The San Jose-based ITUS, a biotechnology company focused on using the body's immune system to fight cancer, today announced that on Monday, the Company will officially change its name to Anixa Biosciences, Inc., with its shares trading on the NASDAQ Capital Market under the new name, and the new stock symbol will be "ANIX."
Amit Kumar, the Company's CEO stated, "We are focused on making advances in the biotechnology field. We began in diagnostics with development of the Cchek™ platform for early detection of cancer and are expanding into cancer therapeutics as we develop our CAR-T therapy for ovarian cancer. We believe the name Anixa Biosciences more accurately reflects this focus and clearly identifies us as biotech company. The ITUS name is more reflective of our legacy operations."
The company is harnessing the body's immune system in the fight against cancer. ITUS is developing both diagnostics and therapeutics to detect cancer early, when it is most curable, and to treat those afflicted once diagnosed.
It is developing the Cchek™ platform, a series of inexpensive non-invasive blood tests for the early detection of solid tumors, which is based on the body's immune response to the presence of a malignancy. It is also developing chimeric antigen receptor T-cell (CAR-T) based immuno-therapy drugs which genetically engineer a patient's own immune cells to fight cancer.
Shares in the company nosed up six cents, or 1.2%, to $4.67, within a 52-week trading range of $1.83 to $6.43.
