The deal allows Oncocyte to enter into the blood-based immune-therapy monitoring market
The acquisition includes Chronix’s lab in Germany and its EU-based development and business team. (Credit: Belova59 from Pixabay)
Molecular diagnostics company Oncocyte has completed the acquisition of US-based Chronix Biomedical, a developer of blood tests for use in cancer treatment and organ transplants.
Under the deal, the company will acquire the intellectual property and technology of Chronix’s TheraSure-Copy Number Instability (CNI) Monitor test for immune therapy monitoring.
The Chronix CNI test is a patented and novel blood-based test that uses no upfront tumor tissue sample, differentiating from current methods.
The test measures the collective burden of tumor derived copy number variation (CNV) across the genome in blood as a sensitive, specific and quantifiable measure of tumor burden.
Oncocyte stated that the addition of the CNI test to its diagnostic products marks the firm’s entry into the blood-based immune-therapy monitoring market.
The company is planning to launch the test as a pharma service in Europe from Germany by the end of this current quarter.
Oncocyte president and CEO Ron Andrews said: “We believe the acquisition of Chronix will provide Oncocyte a distinct competitive advantage as the first and only company to potentially offer a continuum of tests, from selecting patients for immune therapy treatment, to monitoring the effectiveness of the treatment.”
The deal also allows Oncocyte to acquire the organ transplant technology and the associated patent portfolio developed by Chronix.
It also includes the acquisition of Chronix’s lab in Germany and its EU-based development and business team, thereby allowing Oncocyte to launch advanced tests in the European market.
In addition, the transaction includes the acquisition of a patent estate for the use of digital PCR to identify transplant rejection in recipients.
Under the terms of the deal, Oncocyte will pay a revenue share on the net collected revenues for certain tests and services for specific periods.