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Oncocytes (NASDAQ:OCX) shares rallied 90% in after-market trading Thursday after the developer of precision diagnostics announced a partnership with Bio-Rad (NYSE:BIO) for the global launch of the GraftAssure organ transplant monitoring test.
Under the agreement, Bio-Rad and Onccyte will co-commercialize the in the United States and Germany, while Bio-Rad holds exclusive global distribution and commercial rights outside of these countries.
The product is expected to launch in the second quarter to select academic transplant centers in the US and EU. According to Onccyte, a wider launch is planned for the second half of the year.
Bio-Rad and Oncocyte have also committed to developing a regulated product for widespread distribution.
Bio-Rad was also granted an option to market the IVD kits upon FDA clearance, subject to certain conditions. Exercise of the option would also result in a second equity investment in Onccyte.