Oncocyte Corporation (NASDAQ:OCX), a diagnostic substances company, recently held its 2024 Annual Meeting of Shareholders, resulting in the re-election of four directors and the ratification of its independent registered public accounting firm. The virtual meeting, held on Thursday, June 28, 2024, saw shareholders vote on several key proposals.
The re-elected directors, who will serve until the next annual meeting or until their earlier departure, are Joshua Riggs, Andrew Arno, Andrew J. Last, and Louis E. Silverman. The votes cast in favor of each director outnumbered withheld votes, ensuring their positions on the board.
Moreover, shareholders ratified the appointment of Marcum LLP as Oncocyte's independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was made with a significant majority, with 10,827,419 votes in favor.
In a non-binding advisory vote, the company's named executive officer compensation for the year ended December 31, 2023, was also approved by shareholders.
On July 1, 2024, the Board of Directors confirmed that Mr. Arno meets the independent criteria as per the Nasdaq rules and other regulatory standards. Consequently, Mr. Arno, the Chairman of the Board, along with the other standing committee members, maintain their independence, ensuring a governance structure that aligns with best practices.
The company's commitment to upholding a high standard of corporate governance is evident from the Board's composition and the shareholders' support at the Annual Meeting. This information is based on a press release statement and reflects the events as reported in the company's SEC filing.
"In other recent news, OncoCyte (NASDAQ:OCX) Corporation has outlined its strategy in light of a decline in Q1 revenue. The company reported a net revenue of $176,000 for the first quarter of 2024, marking a 41% decrease from the same period in 2023.
Despite this, OncoCyte remains positive about its growth prospects, attributing the revenue decline to strategic investments in product development and commercialization.
The diagnostic testing firm is focusing on transplant management and oncology diagnostics, with products such as GraftAssure RUO and VitaGraft Kidney IVD in the pipeline. The company holds $5.6 million in cash reserves, a 60% increase from the previous year, and has secured an additional $15.8 million through equity financing.
OncoCyte plans to become a leading research tool for the transplant community within the next 12 to 18 months and is preparing for the global launch of its GraftAssure RUO product. It is also on track for FDA clearance for its VitaGraft Kidney IVD by the end of Q4 2025.
These recent developments indicate that OncoCyte is confident in its growth trajectory, despite the recent decline in revenue. The company's strategic partnerships, such as with Bio-Rad Laboratories (NYSE:BIO), are central to its growth strategy and its commitment to becoming a leading player in the transplant and oncology diagnostics sectors."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.