Oncocyte regains compliance with Nasdaq listing rules

Original from: investing.com

Oncocyte Corporation, a company specializing in in vitro and in vivo diagnostic substances, has regained compliance with Nasdaq's listing rules regarding board and audit committee composition. The notice of compliance was received by the company on Monday, following a period of noncompliance caused by the passing of director Alfred D. Kingsley on April 25, 2024.

The Irvine, California-based company, which trades under the ticker NASDAQ:OCX, previously did not meet Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2) due to a shortfall in the number of independent directors on its board and the audit committee after Mr. Kingsley's death. These rules stipulate that a majority of the board members must be independent and that the audit committee must consist of at least three independent directors, meeting heightened standards.

To address this issue, Oncocyte determined that Andrew Arno, an existing director who was newly appointed to the audit committee, qualifies as "independent" according to Nasdaq's requirements. This determination, effective as of July 1, 2024, was disclosed in the company's Form 8-K filed on July 5, 2024.

The company's swift action to reestablish compliance underscores its commitment to meeting Nasdaq's stringent governance standards. Oncocyte's return to compliance ensures its continued listing on the Nasdaq Stock Market, providing assurance to investors regarding the company's governance practices.

This development is based on the latest 8-K filing by Oncocyte Corporation with the Securities and Exchange Commission, and reflects the company's current status in relation to Nasdaq's listing requirements.

In other recent news, OncoCyte (NASDAQ:OCX) Corporation, a diagnostic testing firm, recently reported a decline in Q1 2024 net revenue, which fell to $176,000, a 41% decrease from Q1 2023. Despite this, the company remains optimistic about its growth prospects, underpinned by strategic investments in product development and commercialization.

OncoCyte has secured an additional $15.8 million through equity financing and holds $5.6 million in cash reserves. The company is focusing on transplant management and oncology diagnostics, preparing for the global launch of its GraftAssure RUO product and aiming for FDA clearance for its VitaGraft Kidney IVD by the end of Q4 2025.

In addition, OncoCyte has established deep relationships with research institutions, particularly in Germany, to facilitate product launches. The company aims to become a leading research tool for the transplant community within the next 12 to 18 months. These are the recent developments in the company's strategy and financial status.

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Source: Oncocyte regains compliance with Nasdaq listing rules