IRVINE, Calif., Nov. 30, 2022 (GLOBE NEWSWIRE) — OncoSite Corporation (Nasdaq: OCX) today is empowering patients by providing personalized insights to make critical decisions during the course of patient care. , a precision diagnostics company with a mission to improve patient outcomes. announced that Ronnie Andrews will step down as chief executive officer and a member of the board effective December 1, 2022. Andrews will serve as interim CEO until February 28, 2023, until a new CEO is identified and retained.
Having served as General Manager of Transplantation for Oncosite since July 2022 and as Senior Director of Business Development for the Company from August 2020 to September 2022, Mr. Riggs has extensive experience working with early- and growth-stage molecular diagnostics companies. A seasoned business development strategist with extensive experience. From January 2016 until July 2020 he served as Principal of his Bethesda Group, LLC. The Bethesda Group, LLC is a boutique he consulting group focused on helping small and medium-sized diagnostic companies and investment groups bring new diagnostic content and platforms to market.
“I am extremely proud of my work at Oncocyte over the past three years,” says Andrews. “We have transformed our company from a single product research shop to a molecular diagnostics company with a solid portfolio of high-value tests that are already impacting the lives of patients. We are grateful for the incredible support and tremendous efforts of our employee base who would not have been ready to receive a refund or launch a major product.”
Chairman of the Board Andy Arno said: “The Board is thrilled that one of Ronnie’s successors, Josh, will take on the role of interim CEO of the company. Josh’s background and experience make him well positioned to lead the company.” The board will soon begin a search for a permanent CEO and expects Josh to be the nominee.”
Josh Riggs commented: “Working with the Board of Directors and leading Oncosite’s incredibly talented team to undertake key product commercialization efforts, achieve key redemption milestones and execute plans to reduce cash burn. and are honored to explore the previously announced strategic alternatives, strengthening our balance sheet.”
Oncocyte is a precision diagnostics company with a mission to improve patient outcomes by providing personalized insights that inform critical decisions throughout a patient’s care journey.
Through our proprietary testing and pharmaceutical services businesses, we aim to save lives by accelerating cancer diagnosis and advancing cancer treatment. Our tests are designed to help provide clarity and confidence to physicians and their patients every step of the way. DetermaRx™ identifies early-stage lung cancer patients who are at high risk of cancer recurrence and who may benefit from adjuvant chemotherapy. DetermaIO™ is a gene expression assay that assesses the tumor microenvironment to predict response to immunotherapy. Our investigational pipeline also includes DetermaTx™ to assess tumor mutational status, DetermaCNI™, a blood-based monitoring trial, DetermaMx™, a long-term recurrence monitoring trial, and blood-based VitaGraft™ . Solid Organ Transplant Monitoring Trial. In addition, Oncosite’s pharmaceutical services offer companies developing new cancer treatments a full suite of molecular testing services to support the drug development process.
DetermaRx™, DetermaIO™, DetermaTx™, DetermaCNI™, DetermaMx™, and VitaGraft™ are trademarks of Oncocyte Corporation.
Any statement that is not historical fact (including statements containing words such as “will”, “believe”, “plan”, “expect”, “hope”, “estimate”, “could”) ) are forward-looking statements. These statements include, among other things, our expectations of bringing three major products to market over the next four quarters through redemptions, our anticipated future growth phases and our Oncosite pipeline, and our future expectations and beliefs. contains other statements about , targets, plans or prospects expressed by management. Forward-looking statements involve risks and uncertainties. This includes the potential impact of COVID-19 on Oncosite or its subsidiaries’ financial and operational results, the risks inherent in the development and/or commercialization of diagnostic tests or products, the results of clinical trials or regulatory approvals; the ability of Oncosite’s third-party blood sample analysis systems to provide consistent and accurate analytical results at commercial scale; potential disruptions to the supply chain; the need and ability to obtain future capital; Maintain proprietary rights in all applicable jurisdictions; obligations to third parties with respect to licensed or acquired technology and products; the need to obtain third-party reimbursement, and the risks inherent in the strategy, the anticipated benefits of the transaction, such as potential failure; legal, regulatory or political changes in applicable jurisdictions; accounting and quality control; Realize the potential for a higher-than-expected allocation of resources to commercialize or the inability to maintain laboratory accreditation or certification. Because actual results could differ materially from those anticipated in these forward-looking statements, such statements are subject to a number of uncertainties, particularly “risk factors,” that affect Oncocyte’s business. and should be evaluated in conjunction with other precautions in the Oncocyte statement. U.S. Securities and Exchange Commission (SEC) filings. Available from the SEC website. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Oncocyte undertakes no obligation to update any statement to reflect events or circumstances occurring after the date the statement was made, except as required by law.
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