Welcome to our dedicated page for Oncocyte news (Ticker: OCX), a resource for investors and traders seeking the latest updates and insights on Oncocyte stock.
Oncocyte Corporation develops molecular diagnostic technologies focused on solid organ transplant monitoring and oncology. Company news centers on its blood-based transplant rejection assays, including GraftAssure research-use-only kits, VitaGraft clinical monitoring tests, and the GraftAssureCore lab-developed test, along with reimbursement updates, clinical publications, and development of regulated kitted products for transplant centers.
Updates also cover quarterly results, pharma services activity from its laboratory operations, strategic relationships such as Bio-Rad, capital actions, investor conference participation, and oncology assays such as DetermaIO and DetermaCNI.
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.
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.