Shares of molecular diagnostics company Biocept (NASDAQ:BIOC) have skyrocketed by nearly 77% today after it entered into a non-exclusive licensing deal with Plus Therapeutics (NASDAQ:PSTV) for CNSide, Biocept’s cerebrospinal fluid-based tumor cell platform. CNSide is used for the detection and monitoring of tumor status in leptomeningeal metastases (LM).
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This licensing deal expands upon the existing service agreement between the two companies. Plus Therapeutics plans to use the platform in a clinical study for its radiotherapeutic candidate targeted for the treatment of carcinomas or melanomas with suspected LM.
Under the deal, Biocept will receive an upfront payment of $150,000 in PSTV stock and $6,000 for every cerebrospinal fluid tumor cell enumeration analysis performed in Biocept’s laboratory (prior to technology transfer to Plus Therapeutics).
Furthermore, following the technology transfer, Biocept will receive $300,000. It will also receive additional fees for every CNSide test performed. Plus Therapeutics will also have the option to receive third-party exclusivity from Biocept after a $1 million payment.
Despite today’s price gains, Biocept shares are still down nearly 97% over the past year. While PSTV shares have also tanked nearly 78% over this period, the Street sees 616% potential upside in the stock, based on a Strong Buy consensus rating and a $17.33 consensus price target.
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