Oncocyte (NASDAQ:OCX) shares rallied 90% in post-market buying and selling Thursday after the precision diagnostics developer introduced a partnership with Bio-Rad (NYSE:BIO) for the worldwide launch of its GraftAssure assay for organ transplant monitoring.
Underneath the settlement, Bio-Rad and Oncocyte will co-market the assay within the US and Germany, with Bio-Rad holding unique international distribution and business rights exterior these nations.
The product is slated to be launched in Q2 to pick tutorial transplant facilities within the US and EU. A broader launch is deliberate for the second half of the 12 months, according to Oncocyte.
Bio-Rad and Oncocyte have additionally dedicated to creating a regulated product for widespread distribution.
Bio-Rad has additionally been granted an option to commercialize IVD Kits upon FDA clearance, topic to sure situations. An train of the choice would additionally set off a second fairness funding in Oncocyte.