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Oncocyte continues global expansion of DetermaRx with its second international agreement this year
IRVINE, Calif., July 16, 2020 (GLOBE NEWSWIRE) -- Oncocyte Corporation (NYSE American: OCX), a molecular diagnostics company with a mission to provide actionable answers at critical decision points across the cancer care continuum, today announced that it has entered a distribution agreement with ProGenetics Ltd, an exclusive distributor for multiple leading molecular diagnostics, expanding the commercial availability of DetermaRx™ to Israel. DetermaRx™ is Oncocyte’s treatment stratification test that identifies patients at high risk for lung cancer recurrence, who may benefit from adjuvant chemotherapy post-surgery. This marks Oncocyte’s second international agreement this year, as the company announced an agreement with CORE Diagnostics in April to distribute DetermaRx throughout India, the Middle East and Africa.
ProGenetics specializes in advanced genomic testing for cancer patients, with one of the largest selections of oncology tests in Israel. Among their offerings are tests from Caris Life Sciences, Decipher Biosciences, and Biotheranostics. The terms of the agreement were not disclosed.
“We’re thrilled to be partnering with ProGenetics, a company who offers a solid menu of best in class molecular diagnostic tests in Israel, as we continue the global growth of DetermaRx, ” said Ron Andrews, Chief Executive Officer of Oncocyte. “International expansion is central to Oncocyte’s strategy, and we are pleased to now have a presence in Israel, India, the Middle East and Africa, as well as across the U.S. We look forward to working with such an experienced and respected partner to bring needed answers to patients and physicians making complex treatment decisions.”
Dr. Yoav Manaster, Chief Executive Officer of ProGenetics added, “We are very selective with our test offerings. We only select a single best-in-class test per disease indication to offer to our clinician customers, and we have chosen DetermaRx for treatment stratification in early stage lung cancer because it has been extensively validated and published in prestigious peer-reviewed publications like JAMA and Lancet, and believe this test will gain significant physician and patient adoption. We’re excited to be working with Oncocyte as a partner and look forward to making this test available across Israel.”
DetermaRx was launched in the United States through an Early Access Program (EAP) in late January 2020 with two sites. Since then, it has continued to gain traction, rapidly expanding to over 40 sites in just the first five months of launch. DetermaRx is the only predictive test for the management of early stage lung cancer post-resection, with an estimated potential global market of approximately 350,000 patients.
About Oncocyte Corporation
Oncocyte is a molecular diagnostics company whose mission is to provide actionable answers at critical decision points across the cancer care continuum, with the goal of improving patient outcomes by accelerating and optimizing diagnosis and treatment. The Company recently launched DetermaRx™, a treatment stratification test that enables the identification of early-stage lung cancer patients at high risk for recurrence post-resection, allowing them to be treated when their cancer may be more responsive to adjuvant chemotherapy. Oncocyte is also developing DetermaIO™, a gene expression test that identifies patients more likely to respond to checkpoint immunotherapies.
DetermaRx and DetermaIO are trademarks of Oncocyte Corporation.
Oncocyte Forward Looking Statements
Oncocyte cautions you that this press release contains 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,” “may,” and similar expressions) are forward-looking statements. These statements include those pertaining to the commercial launch of DetermaRx, development of DetermaIO, unexpected expenditures or assumed liabilities or other unanticipated difficulties resulting from acquisitions, 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, the potential impact of COVID-19 on our financial and operational results, 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, potential interruptions to our supply chain, the need and ability to obtain future capital, maintenance of intellectual property rights, and the need to obtain third party reimbursement for patients’ use of any diagnostic tests we commercialize, and risks inherent in acquisitions such as failure to realize anticipated benefits, unexpected expenditures or assumed liabilities, unanticipated difficulties in conforming business practices including accounting policies, procedures and internal controls, greater than estimated allocations of resources to develop and commercialize technologies, or 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 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.
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