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IRVINE, Calif. - Oncocyte Corp. (NASDAQ:OCX), a diagnostics technology company with a current market capitalization of $37.4 million, announced today the appointment of Dr. Paul Billings as its Consulting Chief Medical (TASE:PMCN) Officer. According to InvestingPro data, the company faces significant financial challenges, with revenue declining by 51.5% over the last twelve months. Dr. Billings, a seasoned expert in genomics and precision medicine, will contribute to strategic and clinical initiatives within the company in a part-time capacity.
Dr. Billings brings over four decades of experience to Oncocyte, having held significant roles across academia, government, and the biotech industry. His previous tenure includes CEO and Chairman at Biological Dynamics and Chief Medical Officer at Natera (NASDAQ:NTRA), Inc., where he was instrumental in the commercialization of critical diagnostic tests. This appointment comes at a crucial time, as InvestingPro analysis reveals the company is quickly burning through cash and operating with short-term obligations exceeding liquid assets, with a current ratio of 0.53.
Josh Riggs, CEO of Oncocyte, expressed his enthusiasm about Dr. Billings joining the team, citing his extensive background in molecular diagnostics and his contributions to patient care through innovative technologies. Dr. Billings himself emphasized his commitment to individualizing patient care, improving clinical practice, and supporting the accessibility of care.
With an M.D. and Ph.D. in immunology from Harvard University, Dr. Billings is board certified in internal medicine and medical genetics. His academic career spans prestigious institutions such as Harvard, Stanford, and UC San Francisco. He has also advised entities like the FDA and HHS, further showcasing his breadth of expertise.
Oncocyte specializes in diagnostic tests that aim to aid physicians and patients in making informed decisions. Its portfolio includes products like VitaGraft™ and DetermaCNI™, designed for monitoring organ transplantation and assessing therapeutic efficacy in cancer patients, respectively.
This announcement is based on a press release statement from Oncocyte Corp. The company's forward-looking statements involve risks and uncertainties that could affect the actual results of its diagnostic tests and commercialization efforts. For a comprehensive analysis of Oncocyte's financial health and future prospects, investors can access detailed Pro Research Reports and additional financial insights through InvestingPro, which covers over 1,400 US equities with in-depth analysis and actionable intelligence. These statements are not guarantees of future performance and should be considered along with the many uncertainties that affect Oncocyte's business.
In other recent news, Oncocyte Corp. announced the expansion of Medicare coverage for its VitaGraft Kidney test, aimed at early detection of kidney transplant rejection. The Molecular Diagnostics program (MolDX) now confirms eligibility for billing under current Local Coverage Determination (LCD) for patients with newly developed donor-specific antibodies (DSA). Oncocyte's study of its DetermaCNI™ assay shows potential as a non-invasive method for diagnosing central nervous system tumors, which could impact approximately 300,000 U.S. patients diagnosed annually.
In the transplant diagnostics market, Oncocyte has successfully launched its GraftAssure RUO product, co-marketed with Bio-Rad. The company is actively engaging transplant centers for its upcoming VitaGraft Kidney kitted test, projected to launch in the fourth quarter of 2025, pending FDA approval. Analysts from Needham have maintained their Buy rating for Oncocyte, following these positive developments.
In its Q3 2024 earnings call, Oncocyte outlined its growth strategy, expressing confidence in the potential of its oncology product, DetermaIO. The company is targeting to sign 20 sites by the end of 2025, projecting an annual revenue of $1 million per site. These recent developments reflect Oncocyte's commitment to growth and innovation in the field of molecular diagnostics.
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