Precision Diagnostics Company Oncocyte Cuts 40% Of Its Workforce

Oncocyte Corporation 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.