Oncocyte (NSDQ:OCX) announced today that it completed its acquisition of molecular diagnostics company Chronix Biomedical.
Irvine, Calif.-based Oncocyte’s acquisition includes the intellectual property and technology for Chronix’s TheraSure copy number instability (CNI) monitor test for immune therapy monitoring, according to a news release. Oncocyte also gains organ transplant technology and the associated patent portfolio developed by Chronix.
Under an amended merger agreement, Oncocyte delivered closing consideration and paid off assumed liabilities reaching approximately $4.25 million in cash and $3 million in common stock (about 591,000 shares). The company also agreed to pay an additional $2.5 million in liabilities by July 2022.
Additionally, Oncocyte will pay a revenue share on the net collected revenues for certain tests and services over specific periods, while paying a combination of cash or common stock worth up to $14 million if …