Welcome to our dedicated page for Oncocyte Corporation news (Ticker: OCX), a resource for investors and traders seeking the latest updates and insights on Oncocyte Corporation stock.
Oncocyte Corporation (OCX) is a pioneering precision diagnostics company dedicated to the discovery, development, and commercialization of non-invasive, liquid biopsy diagnostics aimed at facilitating clinical decision-making in the early detection of cancer. The company focuses on molecular tests that address high unmet needs in the diagnosis of lung, breast, and bladder cancers, conditions where current diagnostic standards are often ambiguous, costly, and invasive. Oncocyte's tests are developed based on a proprietary set of biomarkers, designed to differentiate between benign and malignant nodules or masses.
Oncocyte’s flagship products include:
- DetermaIO™: A gene expression test that assesses the tumor microenvironment to predict response to immunotherapies.
- DetermaCNI™: A blood-based monitoring tool for therapeutic efficacy in cancer patients.
- VitaGraft™: A blood-based solid organ transplantation monitoring test.
- GraftAssure™: A research-use-only monitoring test for solid organ transplantation.
The company has made significant strides in expanding its diagnostic capabilities and achieving key regulatory and commercial milestones. In 2023, Oncocyte secured reimbursement for VitaGraft™ Kidney, manufactured the initial lots of GraftAssure RUO, and entered a strategic partnership with Bio-Rad Laboratories to commercialize GraftAssure and develop VitaGraft Kidney IVD. This partnership, along with a successful $15.8 million private placement offering, positions Oncocyte well to meet its critical commercial and regulatory goals.
Oncocyte continues to be supported by strong core investors and aims to provide clarity and confidence to physicians and their patients through its groundbreaking diagnostic tests. For more information, visit www.oncocyte.com.
Oncocyte (Nasdaq: OCX), a precision diagnostics company, has appointed Andrea James as Chief Financial Officer effective June 17, 2024. Andrea James brings extensive experience in financial strategy, investor relations, and capital raising from her previous roles at Axon Enterprise and Tesla. Her appointment comes as Oncocyte approaches significant commercialization milestones and aims to expand its diagnostic tool usage in the transplant community and oncology space through partnerships. Ms. James holds a BS in Computer Information Systems and an MS in Journalism. She will be pivotal in guiding Oncocyte through transformative years ahead.
On May 30, 2024, Oncocyte announced that favorable results for its VitaGraft Kidney test were published in the New England Journal of Medicine. Data from a phase 2 study indicated that the test could monitor graft injury and identify responses to the investigational drug felzartamab. Results showed significant reductions in donor-derived cell-free DNA (dd-cfDNA) levels at weeks 12 and 24. This advancement suggests potential new uses for VitaGraft Kidney in monitoring therapeutic efficacy and recurrence of antibody-mediated rejection (AMR) in kidney transplant patients. Up to 20.2% of kidney transplant patients develop AMR within 10 years, often leading to graft failure. Oncocyte’s CEO, Josh Riggs, emphasized the potential for VitaGraft to improve care and outcomes for high-risk patients.
Oncocyte (Nasdaq: OCX) reported Q1 2024 financial results, highlighting key developments. The company formed a global commercialization partnership with Bio-Rad Labs, raised $15.8M from equity private placement, and reduced cash burn to $3.9M. However, net revenue fell by 41% YOY to $176K. Research and development expenses rose by 2% to $2.2M, while general and administrative expenses decreased by 22% to $2.7M. The loss from operations was $9.3M, compared to a $5.9M income in Q1 2023, mainly due to a $3.3M loss from the change in fair value of contingent consideration. Oncocyte is set to ship its GraftAssure transplant monitoring test kits globally in 2Q 2024 and is advancing other diagnostic tests.
Oncocyte (Nasdaq: OCX) will release its first quarter 2024 financial results on May 15, 2024, after the U.S. market closes. A conference call and webcast will be held on the same day at 4:30 p.m. ET to discuss the results.
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