Why Is Cancer Diagnostic Focused Biocept Stock Trading Higher Today?
Biocept Inc (NASDAQ: BIOC) shares are trading higher after the company signed a non-exclusive licensing agreement for CNSide with Plus Therapeutics Inc (NASDAQ: PSTV), which expands the comprehensive laboratory services agreement between the two companies that was announced in June 2022.
Benzinga exclusively broke the story.
Plus Therapeutics is using CNSide in a clinical trial with their targeted radiotherapeutic to treat patients with carcinomas and/or melanomas with suspected leptomeningeal metastases (LM), cancer in the membranes surrounding the brain and spinal cord.
CNSide is Biocept's proprietary cerebrospinal fluid (CSF)-based tumor cell capture and enumeration platform used in detecting, quantifying, and monitoring tumor status in LM.
Plus will pay Biocept an upfront fee of $150,000 in stock, plus $6,000 per CSF tumor cell enumeration analysis performed in Biocept's laboratory before the completion of the technology transfer.
Once the technology transfer is complete, Plus will pay Biocept $300,000 plus fees on a sliding scale starting at $2,800 for each CNSide test they perform.
The license agreement also gives Plus the option to negotiate for third-party exclusivity with a $1,000,000 payment to Biocept.
Price Action: BIOC shares are up 83.30% at $1.54 during the premarket session on the last check Friday.
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