Oncocyte Corporation Stock Price, News & Analysis

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.

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.