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 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.
Oncocyte Corporation (Nasdaq: OCX) announced a change in the date of its upcoming earnings conference call, now set for April 3, 2023, where it will report its financial results for Q4 and the full year of 2022. The company will file its Annual Report on Form 10-K on March 31, 2023. The conference call will take place at 5:30 a.m. PT / 8:30 a.m. ET, allowing stakeholders to discuss financial results and highlights. Oncocyte specializes in precision diagnostics, offering tests like DetermaIO™, VitaGraft™, and the upcoming DetermaCNI™, which aim to provide critical insights for physicians and patients.
On March 15, 2023, Oncocyte Corporation (Nasdaq: OCX) announced the upcoming release of its fourth quarter and full year 2022 financial results on March 29, 2023. The company will host a conference call and webcast at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results and recent highlights. Oncocyte, a precision diagnostics company, focuses on developing assays like DetermaIO™ for immunotherapy response prediction, VitaGraft™ for organ transplantation monitoring, and DetermaCNI™ for assessing therapeutic efficacy in cancer patients. Access to the live call will be available via phone and on their website.
Oncocyte Corporation (Nasdaq: OCX) announced the appointment of Joshua Riggs as Chief Executive Officer, effective February 24, 2023. Riggs, who has served as interim CEO since December, has successfully initiated a restructuring process to refocus product strategy and reduce costs. He emphasized Oncocyte's commitment to innovative diagnostics, targeting substantial clinical markets. The board of directors unanimously supports Riggs, highlighting his quick, effective leadership.
Prior to his interim role, Riggs was General Manager and Senior Director of Business Development. The company's portfolio includes DetermaIO™, VitaGraft™, and DetermaCNI™, which aim to enhance patient care and research.
Oncocyte Corporation (Nasdaq: OCX) announced the completion of its sale of 70% of Razor Genomics to Dragon Scientific, retaining a 30% stake while eliminating $8M in annual operating expenses and $13M in future obligations. This strategic move aims to ensure continuity of service for DetermaRx patients while focusing on reducing operational costs. The total estimated savings over the next two years reach nearly $30M. Interim CEO Joshua Riggs emphasized that this transaction aligns with the company's product strategy and positions Oncocyte to achieve key milestones in 2023.
Oncocyte Corporation (Nasdaq: OCX) announced a workforce reduction of over 40% to refocus on key products targeting larger markets. The company will also transfer 70% ownership of Razor Genomics, retaining a 30% stake amid ongoing development of lung cancer diagnostics. Key executive positions, including the COO and Chief Scientific Officer, are being eliminated, while their roles will transition to advisory. These strategic moves aim to streamline operations and extend the company's cash runway in preparation for critical milestones in 2023.
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