OncoCyte Corporation’s (NASDAQ: OCX) stock is up 14.25% in the current-market trading session at the price of $4.65 despite any recent news.
OCX Stock Second Quarter 2021 Financial Results
On 10th August 2021, OCX stock announced financial results for the second quarter ended on 30th June 2021 and a corporate update. Net loss was $9.1 million or $0.14 per share for the second quarter of 2020. For Q2 2021, a net loss of $10.5 million or $0.12 per share was reported. The total revenue for the second quarter of 2021 was $2.03 million. Net revenue of $0.1 million was reported in the same quarter of 2020. High revenue was generated from DetermaRx tests, pharma services, and licensing revenues this quarter.
CEO Ron Andrews commented that OCX Stock has continued working at its solid growth trajectory, driven by strategic gains. As per its commitment, the company is on a way to deliver and launch three products in the fourth quarter of 2021. They are motivated by their fast quarter-over-quarter sample volume growth with DetermaRx despite the endless pandemic, he added.
Participation in Upcoming Investor Events
On 9th August 2021, OCX stock declared the participation of management in two upcoming investor meetings. First, the “UBS Genomics 2.0 & MedTech Innovations Summit” was schedule to be held on Thursday, 12th August 2021, at Montage Laguna Beach. Second, “The 6th Annual Needham Virtual Med Tech & Diagnostics Conference” will be on Tuesday, 17th August 2021.
OCX Stock Partnered with EchelonDx
Oncocyte Corporation, on 15th June 2021, disclosed a strategic partnership with Echelon Diagnostics. The two firms will collaborate to develop analytical software that can scale to support the commercial expansion of Oncocyte’s tests. Moreover, they will work on solutions that can diagnose and treat cancer. Doug Ross, Chief Scientific Officer of OCX stock, commented that EchelonDx was the right partner which enabled them to build software solutions. Such solutions will help in scaling and launching the proprietary tests to ensure uniform and accurate results.
Collaboration with GruppoOncologico del Nord Ovest
On 3rd June 2021, OCX stock declared a strategic partnership with GruppoOncologico del Nord-Ovest of Pisa, Italy. The goal was to evaluate DetermaIOOncocyte’s proprietary gene expression test. The test helps to evaluate the tumor immune microenvironment from a biopsy sample. This is the fifth tumor type being analyzed for DetermaIO. The first fours tests were being used to anticipate immune therapy response in lung, breast, bladder, and renal cancers.
