I thought Jane hit the key points of the business and where it's at well.

1. Bcal Diagnostics has developed a blood test for early detection of breast cancer after 14 years of clinical research. The test looks at lipid biomarkers and can differentiate between breast cancer and non-breast cancer patients with 90% sensitivity and 85% specificity.

2. The test is being introduced as an adjunct to mammography initially, not as a replacement. It provides an additional tool for breast cancer detection, especially for the 50% of women who currently avoid mammograms. Other important markets are monitoring women previously diagnosed with breast cancer and testing women under 40.

3. Bcal has been clinician-led in its development, working closely with leading breast cancer doctors to collect high-quality samples under strict protocols. This gives clinicians confidence in the test. Over 4,000 samples have been collected across Australia, Europe and the US.

4. Commercialization is planned to start in late 2024 through the company's own NATA-accredited lab initially as a Lab Developed Test. Partnerships with national pathology providers for greater scale are also being discussed. Unit economics, logistics and process optimization have been a major focus.

5. While an out-of-pocket test initially around the $300 price point, the company is working with advocacy groups to lobby the government for reimbursement to enable wide accessibility. Health economic data will be key for this. Overall, the test represents a major new tool in the early detection of breast cancer.

Announcements by BCAL on the 6 and 7 February expressing their positive response to independent analysis of their research data has resulted in a considerable up swing in share price to 15c (as at 10 Feb) from a low of 9.5c on the 25 Janurary

BCAL Executive Chair Jayne Shaw said that the new independent review provides the Company with strong assurance in advancing the test’s development towards commercial use, both in Australia and the USA.

She said, “This independent review confirms what we’ve long been confident of at BCAL, the ability to detect breast cancer using a lipid based blood test. The new developments solidify BCAL’s commercialisation pathway in the Australian, USA and European markets. As we welcome our new CEO Dr John Hurrell, BCAL will benefit from his strong leadership and detailed industry experience in moving the BCAL test to its next stages of development. We are thrilled by this outstanding advancement for BCAL within just six months since our IPO.”

New to the market, listing in July this year, BCAL Diagnostics is a wholly Australian-owned biotechnology company based at the National Innovation Centre at Eveleigh. Since its establishment in 2010, BCAL Diagnostics has been striving to revolutionise early detection and screening for breast cancer for women. Over the past decade BCAL has developed a non-invasive blood test for the detection of breast cancer, with results to date demonstrating 91% specificity and 87% accuracy. The BCAL test is a lipid biomarker blood test.

With more than two million new cases of breast cancer diagnosed globally each year, a substantial opportunity exists for BCAL to improve patient outcomes.

BCAL has partnered with global integrated cancer care and cardiac provider GenesisCare to conduct clinical research required for regulatory approvals across several jurisdictions, commercialisation and market entry points.

They have successfully secured patents in Australia and Japan. BCAL has an exclusive global license to the blood testing technology from the University of Louisville (UoL) in the US. They have been working with the UoL over the last three years to secure the patents. In May 2016, the Japanese patent was granted and in September 2016 the Australian patent was granted. Hopefully the granting of the US and Europe patents will follow soon.

In 2017-18, BCAL Diagnostics received support under the NSW Government’s Medical Devices Fund (MDF) and its Commercialisation Training Program. The MDF is an $8.2 million per annum fund which helps to encourage investment in the commercialisation of medical devices and related technologies in NSW.

A small cap company , $20.72m, currently trading at around $0.16 after opening on the ASX at $0.25. I think a company with serious prospects both financially and medically. I’d suggest a reasonable share price at this time around $0.20.