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By Dean Seal
Shares of Biocept soared while shares of Plus Therapeutics tumbled on Friday after the companies signed a new licensing agreement.
Biocept’s stock more than doubled to a high of $1.85 in early trading, but are still down by more than 90% this year. Shares of Plus, meanwhile, fell 19% to $2.41. They have dropped by almost 50% year-to-date.
The molecular diagnostics company said it has signed a non-exclusive licensing agreement with Plus for CNSide, its proprietary cerebrospinal fluid-based tumor cell capture and enumeration platform.
The new agreement expands on the deal the two companies struck in June 2022 and lets Plus perform CNSide testing during its clinical trials and commercially.
Plus will pay an up front fee of $150,000 in stock and $6,000 per analysis performed in Biocept’s laboratory before Biocept is done transferring its CNSide technology to Plus.
Once the technology transfer is complete, Plus will pay Biocept $300,000 plus fees on a sliding scale for each CNSide test performed.
The agreement also gives Plus the option to negotiate for third-party exclusivity with a $1 million payment to Biocept.
Write to Dean Seal at [email protected]
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