Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Gisela Paulsen departed as President and Chief Operating Officer at Insight Molecular Diagnostics Inc..
- Role
- President and Chief Operating Officer
Exact text from the filing
the positions occupied by Gisela Paulsen, President and Chief Operating Officer, and Douglas Ross, Chief Scientific Officer, will be eliminated.
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Executive change
SEC 8-K Item 5.02
confidence 0.95
Douglas Ross departed as Chief Scientific Officer at Insight Molecular Diagnostics Inc..
- Role
- Chief Scientific Officer
Exact text from the filing
the positions occupied by Gisela Paulsen, President and Chief Operating Officer, and Douglas Ross, Chief Scientific Officer, will be eliminated.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Insight Molecular Diagnostics Inc. entered into Stock Purchase Agreement with Dragon Scientific, LLC valued at 3,188,181 shares of common stock of Razor, constituting approximately 70% of the issued and outstand (effective 2022-12-15).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Dragon Scientific, LLC
- Value
- 3,188,181 shares of common stock of Razor, constituting approximately 70% of the issued and outstand
- Effective
- 2022-12-15
Exact text from the filing
On December 15, 2022, Oncocyte Corporation, a California corporation (“Oncocyte” or the “Company”), entered into a Stock Purchase Agreement (the “Agreement”) with Dragon Scientific, LLC, a Delaware limited liability company (“Buyer”), and Razor Genomics Inc., a Delaware corporation and wholly-owned subsidiary of Oncocyte (“Razor”). Pursuant to the Agreement, Oncocyte agreed to sell, and Buyer agreed to purchase, 3,188,181 shares of common stock of Razor, which constitutes approximately 70% of the issued and outstanding equity interests of Razor on a fully-diluted basis. Following the closing of the transaction (the “Closing”), Oncocyte will own 1,366,364 shares of common stock of Razor, which will constitute approximately 30% of the issued and outstanding equity interests of Razor on a fully-diluted basis. Razor holds an exclusive worldwide license from The University of California San Francisco under certain patent rights applicable to DetermaRxTM, which is used to predict a patient’s
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
Insight Molecular Diagnostics Inc. announced a restructuring with charges of charges of over approximately $1.0 million related to employee severance and benefits costs affecting over 40% of its full-time employees (over 40% of its full-time employees).
- Type
- restructuring
- Charge
- charges of over approximately $1.0 million related to employee severance and benefits costs
- Affected area
- over 40% of its full-time employees
- Headcount
- over 40% of its full-time employees
Exact text from the filing
On December 16, 2022, Oncocyte announced a reduction in force involving over 40% of its full-time employees (the “Reduction”), which Oncocyte expects will decrease its annualized headcount carrying costs by over approximately $10 million, exclusive of related employee severance and benefit costs (as described further below). The Reduction began on December 16, 2022 and is expected to be completed in February 2023. In connection with the Reduction, we estimate that we will incur charges of over approximately $1.0 million related to employee severance and benefits costs.
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