OncoCyte Initiates Search for New Independent Director
November 29 2017 - 4:10PM
OncoCyte Corporation (NYSE American:OCX), a
developer of novel, non-invasive tests for the early detection of
cancer, today announced that it has initiated a search for a new
independent member of its Board of Directors (the “Board”) to fill
the vacancy resulting from Don M. Bailey’s departure. As reported
on November 22, Mr. Bailey resigned from the Board for personal
reasons.
Subsequent to Mr. Bailey’s resignation, on
November 27, 2017, the Company, as expected, received an official
notice of noncompliance from the NYSE American notifying the
Company that as a result of the departure of Don Bailey from its
Board of Directors, the Board no longer has a majority of
independent directors as required by Section 802(a) of the Exchange
Company Guide and as a result the Company is not in compliance with
the Exchange’s continued listing standards. The OncoCyte Board
intends to regain compliance with Section 802(a) of the Exchange
Company Guide within the time frame required by the Exchange for
continued listing of OncoCyte common stock.
In accordance with Section 802(b) of the
Exchange Company Guide, the Company has until the earlier of its
next annual meeting of shareholders or one year from the date of
Mr. Bailey’s departure from the Board to comply with the Exchange’s
board composition requirements, provided that if the next annual
meeting of shareholders occurs no later than 180 days after the
date of Mr. Bailey’s departure from the Board, the Company will
have 180 days from the date of his departure to regain
compliance.
About OncoCyte Corporation
OncoCyte is focused on the development and
commercialization of novel, non-invasive blood and urine (“liquid
biopsy”) diagnostic tests for the early detection of cancer to
improve health outcomes through earlier diagnoses, to reduce the
cost of care through the avoidance of more costly diagnostic
procedures, including invasive biopsy and cystoscopic procedures,
and to improve the quality of life for cancer patients. While
current biopsy tests use invasive surgical procedures to provide
tissue samples in order to determine if a tumor is benign or
malignant, OncoCyte is developing a next generation of diagnostic
tests that will be based on liquid biopsies using blood or urine
samples. OncoCyte’s pipeline products are intended to be
confirmatory diagnostics for detecting lung, breast and bladder
cancer. OncoCyte’s diagnostic tests are being developed using
proprietary sets of genetic and protein markers that differentially
express in specific types of cancer.
DetermaVu™ is a trademark of OncoCyte
Corporation.
Forward Looking Statements
Any statements that are not historical fact
(including, but not limited to statements that contain words such
as “will,” “believes,” “plans,” “anticipates,” “expects,”
“estimates” and similar expressions) are forward-looking
statements. These statements include those pertaining to the
implementation and results of research, development, clinical
trials and studies, commercialization plans, future financial
and/or operating results, and future opportunities for OncoCyte,
along with other statements about the future expectations, beliefs,
goals, plans, or prospects expressed by management. Forward-looking
statements involve risks and uncertainties, including, without
limitation, risks inherent in the development and/or
commercialization of potential diagnostic tests or products,
uncertainty in the results of clinical trials or regulatory
approvals, the capacity of our third-party supplied blood sample
analytic system to provide consistent and precise analytic results
on a commercial scale, the need and ability to obtain future
capital, and maintenance of intellectual property rights, and the
need to obtain third party reimbursement for patients’ use of any
diagnostic tests we commercialize. Actual results may differ
materially from the results anticipated in these forward-looking
statements and accordingly as such statements should be evaluated
together with the many uncertainties that affect the business of
OncoCyte, particularly those mentioned in the “Risk Factors” and
other cautionary statements found in OncoCyte’s Securities and
Exchange Commission filings. OncoCyte disclaims any intent or
obligation to update these forward-looking statements, except as
required by law.
Investor Contacts
EVC Group, Inc.Matt Haines / Michael
Polyviou917-733-9297 / 212-850-5600mhaines@evcgroup.com /
mpolyviou@evcgroup.com
Financial Media Contact
GIBSON Communications, LLCTom
Gibson201-476-0322tom@tomgibsoncommunications.com
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