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Oncocyte (NASDAQ:OCX) shares rallied 90% in post-market trading Thursday after the precision diagnostics developer announced a partnership with Bio-Rad (NYSE:BIO) for the global launch of its GraftAssure assay for organ transplant monitoring.
Under the agreement, Bio-Rad and Oncocyte will co-market the assay in the US and Germany, with Bio-Rad holding exclusive global distribution and commercial rights outside those countries.
The product is slated to be launched in Q2 to select academic transplant centers in the US and EU. A broader launch is planned for the second half of the year, according to Oncocyte.
Bio-Rad and Oncocyte have also committed to developing a regulated product for widespread distribution.
Bio-Rad has also been granted an option to commercialize IVD Kits upon FDA clearance, subject to certain conditions. An exercise of the option would also trigger a second equity investment in Oncocyte.