OncoCyte up on stock purchase deal, workforce reduction

Insight Molecular Diagnostics

16/12/2022 16:05

** Shares of diagnostics company OncoCyte Corp  OCX.O  rise
10% to $0.44
    ** Company reports 40% reduction in workforce to realign its
team towards key products development and commercialization that
addresses larger markets
    ** OCX says it will also eliminate two executive-level
managerial positions in the company as part of restructuring
    ** OCX also enters into a stock purchase agreement
    ** As per agreement terms, OCX will transfer 70% ownership
of its entity Razor Genomics Inc to unnamed buyers
    ** OCX will retain a 30% stake in Razor 
    ** Company plans to keep shareholders updated with its
enhanced focus and strategy in Q1 of 2023 
    ** Including session's gain, stock down ~79% YTD 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com))