Oncocyte (OCX) – Get Report stocks busted higher Tuesday after the cancer-detection company licensed a lung cancer test for China’s Burning Rock Biotech BNR for use in the country.
« Burning Rock is one of the fastest growing and largest companies in China’s next generation sequence-based cancer therapy market, » said Irvine, Cal. -based oncocyte said in a statement.
Oncocyte was recently trading at $ 2. 90 to 36. 79%, which corresponds to an increase of around 31% for the year. Burning Rock was recently trading at $ 24. 00, down 2. 64%, but has increased by around 21% so far this year.
“Under the agreement, Oncocyte will receive cash upfront payments after the transfer and installation of DetermaRx technologies and for a set number of tests that will be performed when DetermaRx is accepted into the U.. S.. . National Comprehensive Cancer Network Guidelines, « Oncocyte said.
« Oncocyte also receives ongoing royalties per patient tested with DetermaRx, » the company said. The test technology transfer is expected to take place in the first quarter of 2021 and the installation of the technology is expected to be completed in the third quarter of 2021. ”
« For DetermaRx, China is the world’s largest patient population, » said Oncocyte. “This agreement marks Oncocyte’s fifth global license agreement and completes the company’s stated goal of reaching all major world markets within the first year of its launch. ”
Additionally, « We continue to see strong growth in all of our commercial metrics in the fourth quarter, » said Ron Andrews, Oncocyte chief executive.
Dan is a freelance writer whose work has been featured in the Wall Street Journal, Barron’s, Institutional Investor, the Washington Post, and other publications.
OncoCyte, NYSEAMERICAN: OCX, stick, lung cancer, China, oncology
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