Oncocyte cuts 40% of staff

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Oncocyte Corp. OCX, -21.95% shares rose 5% in premarket trades after the Irvine, Calif., molecular diagnostics company for the detection of cancer, said it would reduce more than 40% of its workforce “to align its team towards key products that address larger markets.” As of Dec. 31, 2021, the company employed full-time 110 people, according to Oncocyte’s annual report. The positions of Gisela Paulsen, president and chief operating Officer, and Douglas Ross, chief scientific officer, will be eliminated. Oncocyte also inked an agreement to transfer 70% of its ownership of Razor Genomics Inc. to unnamed buyers. Oncocyte will retain a 30% stake in Razor in the transaction, which involves the transfer of all of the assets and liabilities related to DetermaRx.

This article was originally published by Marketwatch.com. Read the original article here.

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