Optos shares soar after its eye tests linked to Alzheimer's diagnosis

SHARES in Fife-based eye scanner maker Optos rose yesterday after a clinical study showed that one of its machines may have the potential to be used in the early detection of Alzheimer's disease.

Experts from Moorfield's Eye Hospital in London scanned the eyes of 102 patients for "drusen", tiny yellow or white spots of material that build up in the retina of the eye.
The scientists compared the eyes of 56 patients with Alzheimer's dementia and 46 of a similar age without the disease.

Their researched suggested a link between build up of drusen at the edges of the retina and the build-up of plague in the central nervous system that is associated with Alzheimer's.

Dr Craig Ritchie, from West London Mental Health NHS Trust, who helped to run the study, said: "It is crucial that we increase our ability to diagnose dementia effectively. With this simple detection method we are making a great step forward."

Dr Imre Lengyel, of University College London's Institute of Ophthalmology, who was also one of the researchers, added: "This is the first study to assess the periphery in Alzheimer's dementia patients.

"The results are very positive and it is imperative we quickly progress to validate this method for use in early detection."

Christine Soden, Optos' chief financial officer, told The Scotsman: "The classic eye exams tend to just look at the back of the retina at the centre of the eye, whereas as the Optos technology takes an image of almost 82 per cent of the lining in one go.

"You can look at the outer reaches - the periphery of the retina - and see some of these tiny markers.

"And it may be possible to detect signs of Alzheimer's."

She added: "It is too soon to say whether this will lead to early detection. More work will have to be done in terms of clinical trials. But I think the results of the studies are generally seen as very interesting and positive."

Shares in Optos closed up 2p at 176p amid a wider market plunge.

But Paul Cuddon, an analyst at Peel Hunt, maintained his "sell" recommendation on the stock.

He said: "Optos continues to build the clinical data to support a move from the deteriorating optometry business into the more discerning ophthalmology market.

"However, we continue to view the benefits of ultra-wide field imaging as marginal, and insufficient to justify the premium pricing of the P200 range of instruments.

"The trial reported has been a study into Alzheimer's disease where ultra-wide field imaging was used to diagnose eye disease.

No data has been published on whether a basic fundus camera looking at the macula would have worked just as well.

"In earlier studies the benefits of looking at the periphery have, in our opinion, been marginal - circa 2 per cent over the long-established alternatives."

Cuddon added that Optos' valuation was "expensive for a business that is beginning to lose its core patent protection from 2014".