Oncocyte Corporation Stock Price, News & Analysis

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.

Oncocyte Corporation (Nasdaq: OCX), a precision diagnostics firm, announced participation in key conferences aimed at enhancing patient outcomes. Management will present at the UBS Genomics 2.0 and MedTech Innovations Summit on August 11, 2022, and participate in the 7th Annual Needham Virtual Med Tech & Diagnostics 1x1 Conference on August 15, 2022. Oncocyte focuses on proprietary tests like DetermaRx™ for lung cancer recurrence and DetermaIO™ for immunotherapy response prediction. Their goal is to improve cancer diagnosis and care through personalized insights.

Oncocyte Corporation (Nasdaq: OCX) announced the appointment of John Peter (JP) Gutfreund as an independent board member effective July 28, 2022. This addition occurs as the company prepares to launch three major products in the next year, which could significantly impact revenue growth. JP Gutfreund brings extensive financial experience, having been a managing partner at Halle Capital Management.

His expertise is expected to enhance the company's strategic efforts in balancing cash management while pursuing growth, especially in advancing their diagnostic products.