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Shares in biotech company OncoCyte (NYSEAMERICAN: OCX) are taking off Tuesday morning following an important deal for the company’s future.
OncoCyte announced that it has signed an « exclusive agreement » to license DetermaRx to Burning Rock Biotech Limited (NASDAQ: BNR). . The deal includes upfront payments for OncoCyte of nearly $ 6 million in the first year. The biotech company also receives “ongoing royalties per patient tested with DetermaRx. ”
Before we go any further, let’s take a closer look at Burning Rock and DetermaRx.
As one of the largest companies in China, Burning Rock focuses on next-generation sequencing (NGS) for oncological treatments. According to the company’s website, it had « the largest market share in the Chinese market for the selection of NGS-based cancer therapies » in 2019.
DetermaRx is now a test that can be used to identify high-risk lung cancer patients in the early stages. Overall, the goal of therapy is to hopefully improve a patient’s five-year survival time.
Ron Andrews, President and CEO of Oncocyte, had this to say about the OCX stock news:
This agreement with Burning Rock accelerates the continued expansion of our DetermaRx test to patients and clinicians outside the United States. S.. . and illustrates our global growth strategy. We believe that aligning with one of the largest and fastest growing companies in the China market for the selection of NGS-based cancer therapies underscores the strength of DetermaRx as a valuable treatment stratification tool to resolve this critical treatment decision point in early-stage tumors.
In addition, OncoCyte receives its payments after the transfer and installation of the DetermaRx technology. However, the former will be completed in the first quarter of 2021 and the latter in the third quarter.
At the time of this writing, Nick Clarkson held positions (neither directly nor indirectly) in the securities referred to in this article.
Financial market data from FinancialContent Services, Inc. . All rights reserved. Nasdaq
Citations were delayed by at least 15 minutes, all others by at least 20 minutes.
2020 InvestorPlace Media, LLC. All rights reserved. 1125 N.. . Charles St, Baltimore, MD 21201.
OncoCyte, NYSEAMERICAN: OCX, Stick, Lung Cancer, Oncology
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