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Oncocyte Acquires Blood-Based Molecular Diagnostics Provider, Chronix Biomedical For Roughly $10 Million

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  • Oncocyte Corporation (NYSE: OCX) has agreed to acquire Chronix Biomedical, a privately held molecular diagnostics company, developing blood tests for cancer treatment and organ transplants. This agreement supersedes the previous agreement announced in October 2020.

  • Under the agreement, Chronix's development and the business team will become part of the Oncocyte R&D team maintaining lab operations in Germany and lead Oncocyte's commercial efforts with DetermaRx and DetermaIO in Germany and other EU member countries.

  • Oncocyte intends to accelerate further development of the CNI test that measures the amount of that copy number variation present in blood that has been shed by dying tumor cells.

  • Oncocyte believes the addition of the CNI test will enable it to enter into blood-based immune-therapy monitoring. The test is expected to be launched in the second half of 2021, only-for research use.

  • Upon closing, Oncocyte will pay $2.675 million in cash, $1.5 million of Oncocyte shares, and assume liabilities not to exceed $5.5 million.

  • The agreement also provides for Oncocyte to pay a revenue share on the net collected revenues for certain tests and services for specific periods and to pay a combination of cash or Oncocyte common stock of up to $14 million if certain milestones are achieved.

  • The transaction is expected to complete by April 30.

  • Price Action: OCX shares are up by 0.20% at $5.10 on the last check Tuesday.

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