NEW YORK – Oncocyte reported this week that its third quarter revenues fell 73 percent to $115,000 from $429,000 a year earlier. For the quarter ended Sept. 30, the firm reported a net loss of $13.5 million, or $.98 per share, compared to a net loss of $6.5 million, or $.81 per share, in the year-ago quarter. The firm ended the quarter with $5.1 million in cash, cash equivalents, and restricted cash. Oncocyte noted that it had recently submitted a plan to the US Food and Drug Administration to develop an IVD version of its donor-derived cell-free DNA (dd-cfDNA) test kit to assess organ health and rejection risk. The company intends to begin work on validating the test in early 2025. Six hospitals and clinics have expressed interest in participating in an observational study and four institutions want to participate in a reproducibility study, the company said.
Lucid Diagnostics said this week that its third quarter revenues grew 53 percent to $1.2 million from $783,000 a year ago. The firm performed 2,787 commercial EsoGuard tests during the three months ended Sept. 30, a next-generation sequencing-based DNA methylation assay for the early detection of esophageal precancer. Net loss for Q3 totaled $12.4 million, or $.25 per share, compared to a net loss of $14.2 million, or $.34 per share, in Q3 of 2023. On a non-GAAP basis, net loss per share was $.20. Lucid, which is a subsidiary of PAVmed, ended Q3 with $14.5 million in cash and cash equivalents.
T2 Biosystems said this week that its third quarter revenues rose 33 percent to $2.0 million from $1.5 million a year ago. The results matched the company's preliminary Q3 financial results announced last month. Revenues from the firm's sepsis test panel grew 34 percent year over year to $1.4 million, driven by an uptick in T2Bacteria Panel sales in the US, the Lexington, Massachusetts-based developer of sepsis and antibiotic resistance tests said. T2 Bio executed contracts for 11 T2Dx instruments in Q3, including 10 international ones and one in the US. The firm had a Q3 net loss of $10.1 million, or $.57 per share, compared to a net loss of $15.4 million, or $3.45 per share, a year ago. It used 17.9 million shares to calculate its recent loss-per-share figure compared to 4.5 million shares in Q3 of 2023. In May, the firm said it planned to raise $8 million in a private placement. T2 Bio exited Q3 with $2.1 million in cash and cash equivalents and $551,000 in restricted cash.
Mount Sinai Health System said this week that it has been awarded nearly $7 million from the National Institutes of Health to build a coalition of academic medical centers and community partners in New York that plan to recruit more than 7,000 participants across the tristate area over the coming year for the NIH's All of Us Research Program. In addition, the coalition will seek to enroll 3,300 new participants with opioid use disorder. Collaborators include Weill Cornell Medicine, New York City Health + Hospitals, the Institute for Family Health, and NYU Langone.
Separately, the All of Us Research Program said this week that the State of California has committed $9.3 million over four years to extend engagement efforts for the project throughout California. Specifically, the California Initiative to Advance Precision Medicine (CIAPM), part of the California Health and Human Services (CalHHS) agency, has signed a memorandum of understanding with All of Us to support the program's engagement and enrollment efforts, with a focus on participation from underrepresented groups in biomedical research.
Myriad Genetics this week announced the over-the-counter availability of its SneakPeek early fetal sex test in more than 8,800 retail locations across the US. The company plans to launch a product rebrand, new packaging design, and website next year. The test allows expectant parents to learn the sex of their fetus as early as six weeks into pregnancy, Myriad said.
Seer said in its most recent quarterly report that on Aug. 12, it entered into a stock purchase agreement with diagnostics firm PrognomiQ and purchased $10.0 million of the company’s Series D Preferred Stock. As of Sept. 20, the carrying value of the investment was $9.1 million.
Solvd Health said this week that it has received PMA supplement approval from the US Food and Drug Administration for use of its Infiniti High Throughput System (HTS) with its AvertD genetic test for assessing risk of developing opioid use disorder. HTS is a semi-automated, scalable, multiplexed microarray analysis system that increases throughput to 960 samples in approximately 8 hours compared to 48 samples on the existing Infiniti Plus.
In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on GenomeWeb.