Precision Diagnostics Company Oncocyte Cuts 40% Of Its Workforce
- Oncocyte Corporation (NASDAQ: OCX) announced an over 40% reduction of its workforce to realign the team towards key products that address larger markets.
- Additionally, Oncocyte has entered into a Stock Purchase Agreement to transfer 70% of its ownership of Razor Genomics Inc to buyers who focus on the development of early-stage lung cancer diagnostics and the provision of gene-expression-based prognostic tests.
- Oncocyte will retain a 30% stake in Razor. The transaction involves transferring all of the assets and liabilities related to DetermaRx.
- Additionally, the C-suite has been restructured, and the positions occupied by Gisela Paulsen, President and Chief Operating Officer, and Douglas Ross, Chief Scientific Officer, will be eliminated.
- In August, the company said it is realigning its operations and implementing cost reduction programs to prioritize near-term revenue generators and better manage and preserve its cash.
- Price Action: OCX shares are up 9.98% at $0.4399 on the last check Friday.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Briefs Job cutsNews Penny Stocks Health Care General
