Biotechnology company Ococyte Corporation (NYSE AMERICAN: OXC) shares are rallying premarket on Tuesday after it was announced that the company has entered into an exclusive licensing agreement with China-based Burning Rock Biotech (NASDAQ: BNR).
The deal will see the two companies bring DetermaRx, a treatment stratification test for early-stage lung cancer patients, to China.
“We believe aligning with one of the largest and fastest-growing companies in China’s NGS-based cancer therapy selection market speaks to the strength of DetermaRx as a valuable treatment stratification tool to help clarify this critical treatment decision point in early-stage tumors,” commented Ron Andrews, President and CEO of Oncocyte.
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Oncocyte will speed up the ongoing expansion of DetermaRx tests to patients and physicians outside of the US as part of the collaboration.
Shares of Oncocyte are currently trading at $3.28, up 54.72% from the previous day’s close at $2.12.
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