Bio-Rad Laboratories, Inc. (NYSE: BIO) has experienced a notable surge in its stock valuation during the extended trading period, witnessing a substantial uptick of 13.40% to achieve a value of $1,281.51. Bio-Rad stock value surged on the US stock charts after the company unveiled the release date of its financial results.
Bio-Rad (BIO) is intending releasing its first quarter financial results on Tuesday, May 7, 2024, following the market close. A conference call scheduled for the same day will also allow management to discuss these results. Moreover, in a strategic move, Bio-Rad Laboratories (BIO) has unveiled a partnership agreement with Oncocyte Corporation (OCX), a precision diagnostics company.
This collaboration aims to facilitate the commercialization of Bio-Rad's research use only GraftAssure assay, leveraging Droplet Digital PCR (ddPCR) technology. dd-cfDNA stands as a validated, non-invasive biomarker experiencing increasing demand, presenting an estimated three million testing opportunities worldwide and propelling a market surpassing $1 billion.
Globally, the number of transplants conducted exceeds 157,000 annually, with a growth rate of 9.1%. GraftAssure utilizes ddPCR, a distinct technology, to quantify dd-cfDNA and detect indications of graft damage. The anticipated launch of the new product is slated for Q2 2024, targeting a select group of academic transplant centers in the US and EU, with broader availability expected in the latter half of the year.
Under the terms of the agreement, Bio-Rad and Oncocyte will collaborate on marketing efforts within the US and Germany, with Oncocyte leading the commercialization efforts. Outside of these territories, Bio-Rad has secured exclusive global distribution and commercialization rights.
The backing of the Bio-Rad team in the US and Germany will provide Oncocyte with the necessary scale to capitalize on the market opportunity. Bio-Rad's QX600 ddPCR platform, combined with its expertise in serving the life science sector, positions it as a natural ally in the realm of transplant technology.
Moving forward, both entities are committed to collaborative endeavors aimed at developing a regulated product tailored to facilitate widespread distribution and clinical adoption in the United States and beyond.
Additionally, Bio-Rad has been granted an option for in vitro diagnostic (IVD) commercial rights upon FDA clearance, contingent on meeting predefined objectives. The exercise of this option would entail a secondary equity investment in Oncocyte.