Oncimmune to grant Genostics rights to EarlyCDT diagnostic platform

Oncimmune Holdings plc (LSE:ONC) will grant the Genostics Co. Ltd. subsidiary of Gene Group Holdings Ltd. (Hong Kong, China) exclusive rights to develop and commercialize products related to Oncimmune’s EarlyCDT-diagnostic platform in China. Genostics will initially focus on commercializing EarlyCDT-Lung, a marketed autoantibody blood test against a panel of six tumor-related antigens to detect lung cancer.

Genostics will invest £10 million ($13.5 million) in Oncimmune through the purchase of 6.4 million shares at £1.56 per share in two tranches. The first £7 million ($9.4 million) tranche is expected to close this month, after which the partners will sign the licensing deal. The second £3 million ($4.1 million) tranche is expected to close by March 30. The £1.56 price is a 49% premium to Oncimmune’s close of £1.05 on Dec. 29, the last trading day before the deal was announced...