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 appointed Louis E. Silverman as an independent board member, effective immediately. Silverman brings over 25 years of leadership experience in health care IT and services, currently serving as CEO of Hicuity Health, a leading provider of telemedicine services. His expertise is expected to enhance Oncocyte's strategic goals and shareholder value. The company focuses on precision diagnostics to improve patient outcomes, with proprietary tests like DetermaRx™ and DetermaIO™ aimed at cancer diagnosis and treatment.
Oncocyte Corporation (Nasdaq: OCX) announced the resignation of CEO Ronnie Andrews, effective December 1, 2022, with Joshua Riggs appointed as interim CEO starting December 2, 2022. Riggs, who has extensive experience in business development and previously served as the General Manager of Transplant, will lead the company through a transition period. Andrews will remain a consultant until February 28, 2023. The board expressed confidence in Riggs, emphasizing his alignment with the company's goals for commercialization and reimbursement of key diagnostic products.
Oncocyte Corporation (OCX) reported third quarter 2022 financial results with total revenue of $1.0 million, down from $2.1 million in the prior quarter. Notably, DetermaRx revenues improved by 51% year-over-year, totaling $1.0 million. Operating expenses decreased to $8.0 million from $12.7 million a year ago. Despite the revenue decline, the company saw a reduced net loss of $9.3 million, or $0.08 per share, compared to a loss of $13.8 million last year. Cash reserves stood at $34.2 million as of September 30, 2022. Strategic efforts, including a reimbursement submission for DetermaIO, are underway.
Oncocyte Corporation (Nasdaq: OCX) has announced the release of its third quarter 2022 financial results scheduled for November 10, 2022. A conference call and webcast will follow at 1:30 p.m. Pacific Time to discuss these results and other highlights. Oncocyte focuses on precision diagnostics to enhance patient outcomes, with proprietary tests like DetermaRx™ and DetermaIO™ aimed at improving cancer care and treatment decisions. The company also offers pharmaceutical services supporting cancer drug development.
Oncocyte Corporation (Nasdaq: OCX) announced that its DetermaIO test has been selected by the SWOG Cancer Research Network for a biomarker study in breast cancer. This study will utilize samples from the S1418 Phase III trial of Keytruda® in triple negative breast cancer patients. The test aims to identify candidates who may benefit from additional Keytruda® treatment after surgery. This collaboration marks a significant milestone for DetermaIO, highlighting its potential to enhance patient care through personalized insights.
Oncocyte Corporation (Nasdaq: OCX) announced a critical development for its DetermaRx™ test. On September 7, 2022, the Advisory Panel for clinical diagnostic laboratory tests recommended that the test be cross-walked to CPT code 81522, valued at $3,873. This decision is pending Medicare's final determination expected in mid-November. Additionally, Palmetto GBA confirmed the validity of a Local Coverage Determination for broader coverage, enhancing risk assessment in early-stage NSCLC patients. Over 1,100 patients have benefited from DetermaRx as a vital recurrence indicator.
Oncocyte Corporation (Nasdaq: OCX) will present at the Lake Street 6th Annual Best Ideas Growth Conference on September 14, 2022, at the Yale Club in New York City. The company focuses on precision diagnostics to improve patient outcomes through personalized insights. Its proprietary tests, including DetermaRx™ for lung cancer recurrence risk and DetermaIO™ for immunotherapy response prediction, aim to enhance cancer care. Oncocyte also offers pharmaceutical services for molecular testing to support new cancer treatment development.
Oncocyte Corporation (Nasdaq: OCX) has secured a five-year Federal Supply Schedule Contract with the US Department of Veterans Affairs for its DetermaRx™ lung cancer test. This agreement allows veterans receiving care at 1,293 VA facilities access to the test, which evaluates recurrence risk post-surgery. DetermaRx™ is currently the only reimbursed test for early-stage lung cancer that guides treatment decisions. The test identifies high-risk patients who may benefit from therapies while allowing low-risk patients to avoid unnecessary treatment, as evidenced by a 94% survival rate without chemotherapy.
Oncocyte Corporation (Nasdaq: OCX) has announced a peer-reviewed publication assessing its DetermaIO™ test for predicting responses to immune checkpoint inhibitors in metastatic bladder cancer. The analysis, involving 348 patients, found that DetermaIO identified 40% as likely responders, showing a median survival of 15.6 months versus 8.8 months without biomarker guidance. Additionally, 41.5% of DetermaIO-positive patients were alive at two years. The company aims for a CMS submission this fall, emphasizing DetermaIO's potential across multiple cancer types.
Oncocyte Corporation (Nasdaq: OCX) announced its second quarter 2022 results, reporting revenues of $2.1 million, up from $2.0 million year-over-year. The company aims to reduce annual operating costs by $12 million in 2023 through a rightsizing initiative. Notable achievements include a 66% increase in DetermaRx sample volume and the launch of the VitaGraft Liver Transplant Monitoring test. Oncocyte closed a funding round yielding $32.8 million, strengthening its balance sheet. Despite an $8.3 million net loss, the firm anticipates positive developments with new product launches over the next year.
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