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OncoCyte, a leading molecular diagnostics company, has recently announced a definitive agreement to acquire Chronix Biomedical Inc, a privately-held company focused on developing blood-based cancer diagnostics. The acquisition marks an important milestone for OncoCyte as it seeks to expand its portfolio and position itself as a leader in the rapidly growing field of cancer diagnostics.

Under the terms of the agreement, OncoCyte will acquire all outstanding shares of Chronix for a cash payment of $5 million, as well as the potential for additional payments based on the achievement of certain regulatory and commercial milestones. The acquisition is expected to close in the first quarter of 2021 and is subject to certain closing conditions.

This strategic acquisition is a significant win for OncoCyte, as Chronix has a strong pipeline of novel liquid biopsy tests that could complement OncoCyte`s existing diagnostic portfolio. Liquid biopsies are a non-invasive way to detect cancer and monitor disease progression, which makes them an attractive option for patients and clinicians alike.

With this acquisition, OncoCyte will expand its offerings to include Chronix`s unique portfolio of liquid biopsy tests with potential applications in prostate, breast, colorectal, lung, and pancreatic cancers. The acquisition will also strengthen OncoCyte`s ability to develop and commercialize high-quality, clinically validated liquid biopsy tests to improve cancer diagnosis and treatment.

In addition to expanding its diagnostic portfolio, the acquisition of Chronix aligns with OncoCyte`s mission to provide innovative cancer diagnostics that offer significant clinical and economic benefits to patients and healthcare providers. The company is committed to developing tests that are not only accurate and reliable but also cost-effective and accessible to patients worldwide.

OncoCyte`s decision to acquire Chronix also highlights the importance of strategic partnerships and collaborations in the healthcare industry. The combined capabilities of OncoCyte and Chronix will enable the development of novel diagnostic technologies that have the potential to transform cancer diagnosis and treatment.

In conclusion, the acquisition of Chronix Biomedical Inc is a significant milestone for OncoCyte that will strengthen its position in the rapidly growing field of cancer diagnostics. The acquisition also underscores the importance of innovation and collaboration in the healthcare industry, as companies work together to develop new technologies that can improve patient outcomes and reduce healthcare costs. With this acquisition, OncoCyte is well-positioned to continue its mission of providing innovative and cost-effective cancer diagnostics that benefit patients and healthcare providers alike.