Oncocyte Corp. Keeping Its Eye On The Ball
Oncocyte Corp. (OCX) management is focused on two things, expansion and execution. With several upcoming events and milestones on the horizon, building significant shareholder value is the primary goal. These milestones include driving awareness and sales uptake for DetermaRx™ in the U.S. facilitated by the recently finalized reimbursement under CMS, leveraging the sizeable global opportunity for DetermaRx™ through distribution and licensing agreements, driving market share with new product extensions and mutation testing with DetermaTx™, expanding the use of DetermaIO™ in pharmaceutical research and clinical trials for immune-therapies. Importantly, management has a solid track record and a history of creating value, even in the most challenging situations.
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- Oncocyte and Burning Rock announced a strategic agreement to distribute DetermaRx in China. This aligns Oncocyte with one of China's fastest growing NGS-based cancer therapy selection companies; China is considered to be the world's largest early-stage lung cancer market. The exclusive agreement includes payments of up to $6M in the first year and ongoing per test fees.
- In early 2021 Oncocyte also announced a $25 Million Registered Offering led by current shareholder and healthcare investor, Pura Vida Investments. This offering substantially increased Pura Vida's holdings in Oncocyte while further strengthening Oncocyte's balance sheet to support ongoing commercial and development activities across the cancer care continuum. Oncocyte also announced the closing of a $40 Million Public Offering of Common Stock in early February, 2021, further strengthening the balance sheet.
- On February 2, 2021 Oncocyte announced a definitive agreement to acquire Chronix Biomedical, Inc. The transaction includes proprietary IP and technology for blood-based immune therapy monitoring and for transplant rejection testing. The novel, patented copy number index (CNI) therapy monitoring test developed by Chronix complements Oncocyte's proprietary DetermaIO™ test for immunotherapy treatment selection and may significantly expand the market opportunity for the Company.
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About Oncocyte Corporation
Oncocyte is a molecular diagnostics company whose mission is to provide actionable answers at critical decision points across the cancer care continuum. The Company, through its proprietary tests and pharmaceutical services business, aims to help save lives and improve outcomes by accelerating and optimizing the diagnosis and treatment of cancer. The Company's tests and services present multiple opportunities to advance cancer care while also driving revenue growth for the Company. Oncocyte recently launched DetermaRx™, a test that identifies early-stage lung cancer patients who are at high risk for cancer recurrence post-resection and predicts benefit from adjuvant chemotherapy. Oncocyte has also launched DetermaIO™, a gene expression test that assesses the tumor microenvironment to predict response to immunotherapies, as a research use only tool for pharmaceutical and academic clinical trials. To complement DetermaIO, the company anticipates launching DetermaTx™, a test to assess mutational status of a tumor to help identify the appropriate targeted therapy, in the second half of 2021. Oncocyte's pharmaceutical services provide pharmaceutical companies who are developing new cancer treatments a full suite of molecular testing services to support the drug development process.
DetermaRx, DetermaIO, DetermaMx and DetermaTx are trademarks of Oncocyte Corporation.
Oncocyte Forward Looking Statements
Oncocyte cautions you that this press release contains forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates," "may," and similar expressions) are forward-looking statements. These statements include those pertaining to the registered offering and use of proceeds, unexpected delays, unexpected expenditures, indemnities or other liabilities, or other unanticipated difficulties resulting from technology transfers, commercial plans, invalidation, termination or reduction of any licensed intellectual property rights, or infringement of third party intellectual property rights, acquisitions, implementation and results of research, development, clinical trials and studies, commercialization plans, future financial and/or operating results, and future opportunities for Oncocyte or any distributor, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Forward-looking statements involve risks and uncertainties, including, without limitation, the potential impact of COVID-19 on our or any distributor's financial and operational results, risks inherent in the development and/or commercialization of potential diagnostic tests or products, uncertainty in the results of clinical trials or regulatory approvals, the capacity of our third-party supplied blood sample analytic system to provide consistent and precise analytic results on a commercial scale, potential interruptions to our or any distributor's supply chain, the need and ability to obtain future capital, maintenance of intellectual property rights in all applicable jurisdictions, and the need to obtain third party reimbursement for patients' use of any diagnostic tests we commercialize in applicable jurisdictions, and risks inherent in strategic transactions such as failure to realize anticipated benefits, legal, regulatory or political changes in the applicable jurisdictions, accounting and quality controls, greater than estimated allocations of resources to develop and commercialize technologies, or failure to maintain any laboratory accreditation or certification. Actual results may differ materially from the results anticipated in these forward-looking statements and accordingly such statements should be evaluated together with the many uncertainties that affect the business of Oncocyte, particularly those mentioned in the "Risk Factors" and other cautionary statements found in Oncocyte's Securities and Exchange Commission filings, which are available from the SEC's website. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Oncocyte undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Source: Oncocyte (OCX)
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