Oncocyte cuts 20% of staff
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- Diagnostics company Oncocyte Corporation (NASDAQ:OCX) announced plans to reduce about 20% of its workforce on Wednesday in an attempt to cut costs and extend its cash runway.
- Oncocyte (OCX), which markets the DetermaRx lung cancer test, said that the layoffs are aimed at extending its cash runway in 2024.
- “As part of our efforts to bring our cost structure in line with our kitted product strategy and to optimize our operational efficiency, we reduced our team by approximately 20%,” Chief Executive Joshua Riggs remarked.
- “Those impacted have always put patients first in everything they do. We are grateful for their dedication and service to the clinical community.”
- The move comes months after the company announced plans to reduce over 40% of staff in December.