Oncocyte Corp. Secures Funding for Transplant Assay through Strategic Partnership with Bio-Rad
Oncocyte Corp., a diagnostic technology company, recently announced that it has secured funding through a registered direct offering (RDO) and a concurrent private placement (PIPE) with existing investors. This funding is expected to support the company’s transplant assay through FDA IVD clearance and commercial launch.
Details of the Funding
In the RDO, Oncocyte sold 3,975,000 shares of its common stock at a price of $3.50 per share, raising approximately $13.7 million in gross proceeds. In the PIPE Offering, Oncocyte sold approximately 5,000,000 shares of its common stock and warrants to purchase up to an additional 5,000,000 shares of common stock. The warrants will have an exercise price of $3.50 per share and will expire five years from the date of issuance.
Strategic Partnership with Bio-Rad
The company also announced that Bio-Rad Laboratories, Inc., a leading provider of life science research and clinical diagnostic products, has agreed to invest in the offering and become a strategic partner. Bio-Rad will provide support for the clinical trial and commercialization of Oncocyte’s transplant assay.
Impact on Oncocyte
This funding will enable Oncocyte to further develop and commercialize its transplant assay, which is designed to improve the accuracy and efficiency of organ transplant diagnostics. The partnership with Bio-Rad will provide Oncocyte with access to Bio-Rad’s clinical and regulatory expertise, as well as its extensive distribution network. This collaboration could lead to increased market penetration and revenue growth for Oncocyte.
Impact on the World
The successful development and commercialization of Oncocyte’s transplant assay could have a significant impact on the organ transplant industry. The current diagnostic methods for organ transplantation can be time-consuming and inaccurate, leading to potential complications and increased healthcare costs. Oncocyte’s assay, which uses next-generation sequencing technology to identify donor-specific antibodies, could improve the accuracy and speed of organ transplant diagnostics, ultimately leading to better patient outcomes and reduced healthcare costs.
Conclusion
Oncocyte’s recent funding and strategic partnership with Bio-Rad are significant steps forward for the company as it works to bring its transplant assay to market. This partnership could lead to increased market penetration and revenue growth for Oncocyte, while also improving the accuracy and efficiency of organ transplant diagnostics and leading to better patient outcomes. As the organ transplant industry continues to evolve, Oncocyte’s innovative technology could play a key role in addressing the challenges and complexities of transplant diagnostics.
- Oncocyte Corp. secures funding through a registered direct offering and a concurrent private placement
- Funding is expected to support the company’s transplant assay through FDA IVD clearance and commercial launch
- Strategic partnership with Bio-Rad provides support for clinical trial and commercialization
- Impact on Oncocyte: increased market penetration, revenue growth, and access to clinical and regulatory expertise
- Impact on the world: improved accuracy and efficiency of organ transplant diagnostics, better patient outcomes, and reduced healthcare costs
