OncoCyte to acquire Razor Genomics to advance lung cancer diagnosis
OncoCyte acquisition of Razor Genomics : US diagnostic tests developer OncoCyte has agreed to acquire Razor Genomics, a provider of molecular diagnostic testing services for lung cancer. Initially, the diagnostic tests developer will acquire an initial 25% equity interest in the form of the Razor Genomics’ preferred stock for $10 million. After closing of the […]
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OncoCyte acquisition of Razor Genomics : US diagnostic tests developer OncoCyte has agreed to acquire Razor Genomics, a provider of molecular diagnostic testing services for lung cancer.
Initially, the diagnostic tests developer will acquire an initial 25% equity interest in the form of the Razor Genomics’ preferred stock for $10 million. After closing of the deal, OncoCyte will have the option to purchase the remaining 75% stake by buying out the outstanding shares of Razor Genomics’ common stock held by the latter’s shareholders.
The acquisition includes the treatment stratification test (Razor test) of Razor Genomics, which will broaden OncoCyte’s capabilities to manage early-stage lung cancer.
The Razor test is CLIA-certified treatment stratification test and is validated to identify early-stage lung cancer patients who are at high-risk versus low-risk of death within five years following surgical resection.
OncoCyte acquisition of Razor Genomics. Photo courtesy of Stuart Miles/Freedigitalphotos.net.
Comments on OncoCyte acquisition of Razor Genomics
Commenting on OncoCyte acquisition of Razor Genomics , Ron Andrews – CEO of OncoCyte said: “Notwithstanding recent advancements in treatment, lung cancer remains a leading cause of cancer death.
“Approximately 30% of patients with surgically removed early stage lung cancer recur and over half of those that recur die within five years of surgery.
“The addition of the Razor treatment stratification test for patients diagnosed with early stage lung cancer is a perfect downstream complement to our proprietary DetermaVu liquid biopsy test that we are developing to help manage CT-identified lung nodules and thereby facilitate the early diagnosis of lung cancer.”
In a study, individuals identified as high risk by the Razor test and treated with chemotherapy had a 5-year disease-free survival rate of 92%, compared to 49% in untreated high-risk patients.
The five-year disease-free survival rate was 94% for individuals identified as low risk by the Razor test and without the use of chemotherapy.
The Centers for Medicare and Medicaid Services Molecular Diagnostic Services Program had recently recommended coverage for the Razor test.
Razor Genomics and its shareholders are eligible to receive cash and OncoCyte common stock, or shares of common stock upon closing the transaction and achieving certain milestones in the future.
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