OncoCyte to Acquire Razor Genomics for the Expansion of its Capabilities in Early-Stage Lung Cancer

Shots:

• OncoCyte acquires 25% stake in Razor and has an option to acquire its remaining shares. Razor to receive $10M for initial acquiring of 25% stock in its preferred share plus $1M as milestones based on its positive CMS coverage decision with its expected closure in end of September
• Post exercising the option, Razor to receive $1M in cash and $5M in OncoCyte’s common stock, $3M milestones based on clinical trial achievements and will utilize $4M out of $10M for the development of its Razor test while Oncocyte is responsible for the additional development cost. Additionally, Razor’s parent company will receive $4M in cash based on additional CMS coverage
• The Razor test focusses on molecular stratification of lung cancer and has a unique algorithm aggregating genomic information is utilized in multiple trials

Click here to read full press release/ article | Ref: GlobeNewsWire | Image: Razor Genomics