Oncocyte Corporation - OCX STOCK NEWS

Oncocyte Corporation reported financial results for Q1 2023, including a capital raise of $13.86 million and progress in developing kitted versions of their diagnostic tests. Consolidated revenues decreased by 50% compared to Q1 2022. R&D expenses decreased by $2.3 million, and G&A expenses decreased by $2.0 million. Sales and Marketing expenses decreased by $2.0 million due to the sale of Razor Genomics. A conference call to discuss the results will be held on May 11, 2023.

Oncocyte Corporation (Nasdaq: OCX) has unveiled five original research posters at the American Association for Cancer Research Annual Meeting. Four of these highlight the tumor microenvironment's role in therapeutic responses, utilizing DetermaIO technology. A fifth poster presents promising results of DetermaCNI, a blood test focused on metastatic pancreatic cancer treatment monitoring. CEO Joshua Riggs emphasized DetermaIO's potential in identifying patients suited for immunotherapies and DetermaCNI's blood-only approach, making it a preferred choice for tissue conservation. Oncocyte specializes in precision diagnostics, with notable products including DetermaIO and the pipeline test DetermaCNI.

Oncocyte Corporation (Nasdaq: OCX) has announced a 20% workforce reduction aimed at extending its cash runway into 2024. This decision is part of efforts to align the company's cost structure with its kitted product strategy and improve operational efficiency. CEO Joshua Riggs acknowledged the commitment of affected employees to patient care. Oncocyte specializes in precision diagnostics, with products like DetermaIO™ for predicting immunotherapy responses and VitaGraft™ for monitoring organ transplant efficacy. The company faces various risks in its business, including uncertainties in clinical trials and the need for third-party reimbursement, which could impact future financial performance.

Oncocyte Corporation (Nasdaq: OCX) announced the peer-reviewed publication of a study utilizing DetermaIO™ in the Phase II AtezoTRIBE clinical trial for metastatic colorectal cancer (mCRC). Published in Clinical Cancer Research, the study indicates that DetermaIO can identify patients likely to benefit from ICI therapy more effectively than current biomarkers. Key findings include improved progression-free survival for DetermaIO positive patients, particularly in the pMMR population. The conclusion points towards a significant shift in understanding tumor microenvironments in mCRC, highlighting DetermaIO's role in identifying patients not recognized by existing methods.

Oncocyte Corporation (Nasdaq: OCX) announced an agreement for a common stock offering of up to 45,562,425 shares at prices of $0.3544 and $0.30168 per share. The gross proceeds are expected to reach approximately $13.86 million, earmarked primarily for the development and commercialization of VitaGraft™, DetermaIO™, and DetermaCNI™. Additionally, around $3.7 million will be used to repay a portion of the Series A Convertible Preferred Stock. The offering is set to close on April 5, 2023, pending customary conditions.

Oncocyte Corporation (Nasdaq: OCX) announced it will file a Form 12b-25 to extend the filing period for its Annual Report on Form 10-K, allowing additional time for financial auditing.

The company reported preliminary revenues of approximately $1.1 million for Q4 2022, a 69% decrease year-over-year, and $5.6 million for the full year, down 27%. A strategic shift to a product-driven model aims to reduce cash burn to below $6 million in H2 2023, down from $10.5 million in H2 2022. Key highlights include a $30 million savings from divesting DetermaRx and ongoing studies for DetermaIO products.