Oncocyte Announces Five-Year VA Contract for DetermaRx
August 30 2022 - 4:27PM
Oncocyte Corporation (Nasdaq: OCX), a precision diagnostics
company with the mission to improve patient outcomes by providing
personalized insights that inform critical decisions throughout the
patient care journey, today announced that the US Department of
Veterans Affairs (“VA”), the largest integrated health care system
in the United States, has awarded a Federal Supply Schedule
Contract for the Company’s DetermaRx™ test. The VA provides care at
1,293 health care facilities, including 171 VA Medical Centers and
1,112 outpatient sites of care of varying complexity to over 9
million veterans enrolled in the VA health care program. The
contract is for a period of five years.
“We are excited by the VA’s recognition of the
value of DetermaRx,” said Ron Andrews, Chief Executive Officer of
Oncocyte. “Veterans and their families treated at VA and Military
Health System medical centers will now have access to our lung
cancer test, which informs timely, life-saving treatment decisions
following surgery DetermaRx is the only reimbursed test today that
can be used prior to treatment initiation to assess the risk of
recurrence for patients with early-stage lung cancer.”
Over the past two years, targeted and immune
therapies are being used in earlier-stage disease due to lower
toxicity relative to chemotherapy. DetermaRx identifies patients at
high-risk of recurrence following surgery, which is likely due to
the presence of micro-metastasis. Studies have shown that these
patients benefit from treatment to eliminate metastatic cells,
regardless of the treatment chosen. Conversely, patients identified
as low risk by the test had a 94% survival rate without
chemotherapy treatment, suggesting that these patients may avoid
the expense and side effects associated with treatment and may
instead be candidates for surveillance.
About OncocyteOncocyte is a precision
diagnostics company with a mission to improve patient outcomes by
providing personalized insights that inform critical decisions
throughout the patient care journey.
Through its proprietary tests and pharmaceutical
services business, the Company aims to help save lives by
accelerating the diagnosis of cancer and advancing cancer care. The
Company’s tests are designed to help provide clarity and confidence
to physicians and their patients at every stage. DetermaRx™
identifies early-stage lung cancer patients who are at high risk
for cancer recurrence and who may benefit from adjuvant
chemotherapy. DetermaIO™ is a gene expression test that assesses
the tumor microenvironment to predict response to immunotherapies.
The Company’s pipeline of tests in development also includes
DetermaTx™, which will assess mutational status of a tumor,
DetermaCNI™, a blood-based monitoring test, DetermaMx™, a long-term
recurrence monitoring test, and VitaGraft™, a blood-based solid
organ transplantation monitoring test. In addition, Oncocyte’s
pharmaceutical services provide companies that are 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.
Forward-Looking StatementsAny
statements that are not historical fact (including, but not limited
to statements that contain words such as “will,” “believes,”
“plans,” “anticipates,” “expects,” “estimates,” “may,” and similar
expressions) are forward-looking statements. These statements
include those about the future expectations, beliefs, goals, plans,
or prospects expressed by management. Forward-looking statements
involve risks and uncertainties, including, without limitation, the
potential impact of COVID-19 on Oncocyte or its
subsidiaries’ financial and operational results, risks inherent in
the development and/or commercialization of diagnostic tests or
products, uncertainty in the results of clinical trials or
regulatory approvals, the capacity of Oncocyte’s third-party
supplied blood sample analytic system to provide consistent and
precise analytic results on a commercial scale, potential
interruptions to supply chains, the need and ability to obtain
future capital, maintenance of intellectual property 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 for patients’ use of any diagnostic
tests Oncocyte or its subsidiaries commercialize in
applicable jurisdictions, and risks inherent in strategic
transactions such as the potential failure to realize anticipated
benefits, legal, regulatory or political changes in the applicable
jurisdictions, accounting and quality controls, potential greater
than estimated allocations of resources to develop and
commercialize technologies, or potential failure to maintain any
laboratory accreditation or certification. Actual results may
differ materially from the results anticipated in these
forward-looking statements and accordingly 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 (SEC)
filings, which are available from the SEC’s website. You are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date on which they were
made. Oncocyte undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
law.
Investor & Media ContactCaroline CornerICR
WestwickeTel: 415.202.5678 caroline.corner@westwicke.com
Oncocyte (NASDAQ:OCX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Oncocyte (NASDAQ:OCX)
Historical Stock Chart
From Apr 2023 to Apr 2024