Three ASX biotech shares are setting the bar high today.

The companies have grabbed investor interest today, with each releasing promising news. And this is sending them racing ahead of the 0.2% gains posted by the All Ordinaries Index (ASX: XAO) in late morning trade on Thursday.

Here's what we know.

ASX biotech shares rocket on updates

Cancer trial progress

The first ASX biotech share leaping higher today is Race Oncology Ltd (ASX: RAC), which is primarily focused on cancer care.

The Race Oncology share price is up 10.2% at the time of writing, with shares trading for $1.42 apiece. This outperformance comes after the company announced that it had submitted the human ethics application package for its RC220 Phase 1 solid tumour trial.

The company will conduct the trial at Southside Cancer Care Centre in New South Wales. It will study the efficacy of the ASX biotech share's RC220 product in combination with doxorubicin in adult cancer patients.

Race Oncology expects the first patient recruitment to occur in Q1 2025.

The company noted:

Regulatory and institutional packages have been completed for submission to a second Australian site immediately following HREC approval of the trial, with both sites planned to be activated simultaneously.

Race Oncology plans up to 10 additional sites to follow.

"This is a critical milestone for the team; selection and evaluation of an appropriate site and the start of the ethical review for this study," Race chief medical officer Michelle Rashford said.

Breast cancer monitoring

Moving on to the second ASX biotech share lifting off today, Inoviq Ltd (ASX: IIQ), which develops diagnostics and therapeutics for cancer.

The Inoviq share price is up 6.0% at 53 cents a share after the company reported the successful completion of disease specificity testing for breast cancer.

According to the release, the company's neuCA15-3 blood test was analytically and clinically validated to detect breast cancer across all stages (81% sensitivity and 93% specificity), key breast cancer types and subtypes.

Management highlighted that the test was also effective for breast cancer monitoring.

"The next step towards commercialising the neuCA15-3 test is to transfer and optimise the test on a system compatible with high-throughput commercial diagnostic instruments," Inoviq CEO Leearne Hinch said.

Point-of-care test milestone

Which brings us to the third ASX biotech share rocketing higher today, Lumos Diagnostics Holdings Ltd (ASX: LDX).

Shares in the point-of-care diagnostic technologies company are currently trading for 3.9 cents apiece, up 25.8%.

Lumos roused investor enthusiasm after the company announced a new milestone in the commercial rollout of its FebriDx point-of-care test.

The company said it had received approval from the United States Centers for Medicare and Medicaid Services (CMS) Panel for FebriDx to be reimbursed at a rate of US$41.38 per test.

FebriDx is able to distinguish between bacterial and non-bacterial infections at the point of care.

Commenting on the progress sending the ASX biotech share soaring today, Lumos CEO Doug Ward said, "This reimbursement pathway is another important step towards removing barriers to access and potentially benefitting millions of Americans."