Oncocyte Corporation Closes $15.8M PP ATM for Global Launch of Transplant Assay with Bio-Rad

DENVER, Colo., Apr 12, 2024 (247marketnews.com)- Oncocyte Corporation (NASDAQ:OCX) stated that it’s partnering with Bio-Rad Laboratories (NYSE:BIO) to commercialize its research use only GraftAssure assay, which is expected to launch in Q2 2024 to a select group of academic transplant centers in the US and EU and more broadly in the second half of the year.

“As we move towards launch, having the support of the Bio-Rad team in the US and Germany gives us the scale we need to meet the market opportunity,” stated Josh Riggs, Oncocyte’s CEO. “The QX600 ddPCR platform, along with their expertise in serving the life science market, makes Bio-Rad a natural partner for our transplant technology.”

To support this effort and general working capital, Oncocyte entered into definitive securities purchase agreement to sell 5,077,387 shares of common stock, at a purchase price of $ 2.9164 per share of common stock, and pre-funded warrants to purchase 342,888 shares of common stock at a purchase price of $2.9163 per pre-funded warrant, to raise approximately $15.8 million, before deducting fees and other offering expenses.

“In 2023, we made significant progress on cost controls and in the development of our transplant monitoring IP,” stated Riggs. “We achieved reimbursement for VitaGraft™ Kidney, manufactured the first lots of GraftAssure RUO, and ran a competitive partnering process that resulted in the announced Bio-Rad agreement. We look forward to working with them on the commercialization of GraftAssure RUO and the development of VitaGraft Kidney IVD. We continue to benefit from strong support from our core investors and welcome new ones in our recently completed $15.8 million private placement offering. With this partnership and financing we believe that we are well-positioned to meet our critical commercial and regulatory milestones.”

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