Shares of microalgae nutrition products maker Cyanotech Corp. (Nasdaq: CYAN) rallied as much as 78 percent from Tuesday’s closing price in morning trading on Wednesday after it was announced that researchers at the University of California at Davis have determined that Cyanotech’s microalgae-based Hawaiian Spirulina Pacifica® may improve immune function and ameliorate anemia in persons over 50.

Shares touched a new 52-week high of $4.67 after the announcement, up from Tuesday’s closing price of $2.62 per share.

“The research found a steady increase in corpuscular hemoglobin in subjects of both sexes, and improved immune function in the majority of subjects,” said Dr. Gerald Cysewski, Cyanotech’s Chief Scientific Officer in a statement.

The Cyanotech Spirulina Pacifica study was conducted by the UC Davis Division of Rheumatology, Allergy and Clinical Immunology under the supervision of Dr. M. Eric Gershwin and scientists from UC Davis. The objective of the study was to determine if Spirulina Pacifica could be effective in countering anemia and declining immune function. Thirty participants over the age of 50 took Spirulina Pacifica supplements for 12 weeks. Key blood chemistry markers for immune function were tested at the outset of the study and again after six and 12 weeks. The subjects’ daily dietary regimens were monitored throughout the process.

Spirulina Pacifica® is a select strain of Spirulina platensis developed over many years of continuous cultivation in Hawaii. Cyanotech grows more than 350 metric tons of premium-quality Spirulina Pacifica per year at its 80-acre production facility in Hawaii.

Shares of Cyanotech Corp. are up about 35 percent over the past three months.