Biocept, a molecular diagnostics company, experienced a significant surge in its stock price following the signing of a new licensing agreement. On the other hand, shares of Plus Therapeutics tumbled as a result of the agreement.
Biocept’s Stock Surges
Biocept’s stock price more than doubled to reach a high of $1.85 during early trading. However, despite this recent increase, their shares are still down by over 90% this year.
Plus Therapeutics’ Shares Decline
The new licensing agreement negatively impacted Plus Therapeutics’ stock, causing it to fall by 19% to $2.41. Since the beginning of the year, their shares have dropped by nearly 50%.
Non-Exclusive Licensing Agreement
Under the terms of the new agreement, Biocept has granted Plus Therapeutics a non-exclusive license for CNSide. This proprietary platform enables the capture and enumeration of tumor cells in cerebrospinal fluid.
Expansion of the Deal
This latest agreement expands upon a previous deal made between the two companies in June 2022. It grants Plus Therapeutics the ability to utilize the CNSide testing during clinical trials and for commercial purposes.
Financial Terms
As part of the agreement, Plus Therapeutics will pay an upfront fee of $150,000 in stock and $6,000 for each analysis performed in Biocept’s laboratory during the technology transfer process.
Upon completion of the technology transfer, Plus Therapeutics will pay an additional $300,000 to Biocept. Furthermore, fees for each CNSide test performed will be determined on a sliding scale.
Option for Exclusivity
In addition to the licensing agreement, Plus Therapeutics has the option to negotiate for third-party exclusivity. This would require a payment of $1 million to Biocept.
