ALAMEDA, Calif., April 03, 2018 (GLOBE NEWSWIRE) -- OncoCyte Corporation (NYSE American:OCX) today announced the appointment of Ronald Andrews, Jr., an executive with over 30 years’ experience in the molecular diagnostics and genomics industries, to the Company’s Board of Directors. The appointment of Mr. Andrews brings the number of directors to seven and the number of independent directors to four.
“Ronnie comes to us with an extensive background in the molecular diagnostics industry, strengthening the Board’s expertise as we advance the development of our product pipeline and prepare for the launch of our lead product, DetermaVu™, later this year,” commented Cavan Redmond, Chairman of the Board of Directors of OncoCyte. “We are excited to have him join the board and look forward to his contributions.”
Mr. Andrews is the Founder and Principal of The Bethesda Group, a company focused on helping organizations in the molecular diagnostics and genomics industries. Prior to founding The Bethesda Group, he served as President of the Genetic Sciences Division at Thermo Fisher Scientific following a merger with Life Technologies, where he served as President of the Medical Sciences Venture. During the merger, he oversaw the integration of Ion Torrent with the traditional genetic platform and content initiatives within Life Technologies to form a $2 billion division. Previously, Mr. Andrews served as Chief Executive Officer and Segment Leader of GE Molecular Diagnostics at Clarient Inc. from 2004 until 2012. During this time, he oversaw the transition into GE Healthcare and established a strategic plan to integrate In Vivo and In Vitro and expand GE’s presence in oncology. While at Clarient, he transformed ChromaVision Medical Systems from a device manufacturer to a comprehensive cancer diagnostics company. Mr. Andrews currently serves on the Board of Directors of Insight Genetics, Orion Healthcare, and Oxford Immunotec.
“Having spent my entire career in molecular diagnostics, I am eager to lend my experience and expertise to the Board and senior management as OncoCyte completes the development and planned launch of its first product," commented Mr. Andrews. “I believe that DetermaVu™ could create substantial value by helping to improve clinical decision making in lung cancer diagnosis for the millions of patients being tested for lung cancer annually.”
About OncoCyte Corporation
OncoCyte is focused on the development and commercialization of novel, non-invasive blood and urine (“liquid biopsy”) diagnostic tests for the early detection of cancer. Early detection of cancer can improve health outcomes, reduce the cost of care, and improve patients’ quality of life. Liquid biopsy diagnostic tests like those OncoCyte is developing may reduce the need for costlier and riskier diagnostic procedures such as invasive biopsy and cystoscopic procedures. OncoCyte’s development pipeline is focused on non-invasive confirmatory diagnostic tests for lung, breast, and bladder cancer. OncoCyte’s tests are being developed using proprietary sets of genetic and protein molecular markers that differentially express in specific types of cancer. OncoCyte conducts ongoing research to identify additional molecular markers, acquire or license markers and related technology, and develop tests based on those markers.
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” and similar expressions) are forward-looking statements. These statements include those pertaining to the 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, 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, the need and ability to obtain future capital, and maintenance of intellectual property rights, and the need to obtain third party reimbursement for patients’ use of any diagnostic tests we commercialize. Actual results may differ materially from the results anticipated in these forward-looking statements and accordingly as 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. OncoCyte disclaims any intent or obligation to update these forward-looking statements, except as required by law.
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