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Biocept, Inc. (NASDAQ: BIOC), is an early stage molecular oncology diagnostics company that develops and commercializes proprietary circulating tumor cell (CTC) and circulating tumor DNA assays utilizing a standard blood sample.
BIOC has expanded its pathology partnership platform, EmpowerTCTM, to now offer local pathologists the ability to analyze prognostic and predictive markers on CTCs from a liquid biopsy using immunocytochemistry (ICC) methods. This new offering, in addition to an expanded biomarker menu, supplements the previous capabilities of Biocept’s proprietary pathology partnership platform to analyze liquid biopsy biomarkers using fluorescence in situ hybridization (FISH) methods.
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Recently, BIOC announced it has entered into a securities purchase agreement with certain accredited institutional investors to purchase approximately $8.2 million of its common stock in a registered direct offering and warrants to purchase shares of Common Stock in a concurrent private placement. The combined purchase price for one share of common stock and each warrant will be $1.37. The gross proceeds to Biocept from the registered direct offering and concurrent private placement is expected to be approximately $8.2 million before deducting the placement agents’ fees and other estimated offering expenses. The registered direct offering and concurrent private placement is expected to close on or about March 19, 2019
The company’s abstract demonstrating the ability of the Company’s Target Selector™ liquid biopsy test to detect ESR1 mutations with high sensitivity has been accepted for a poster presentation at the 2019 American Association for Cancer Research (AACR) Annual Meeting being held March 29-April 3, 2019 at the Georgia World Congress Center in Atlanta.
CEE-Sure™ BCT utilizes patented technology (Patent US9040255) that improves cell capture in a microchannel, inhibiting cell clumping and clogging of microfluidic devices. The blood collection tube is designed to prevent blood coagulation and preserve cells from lysing due to age or transport conditions. CEE-Sure™ allows for room temperature shipment of whole blood for nucleated cell isolation and cfDNA detection.
Target Selector™ ctDNA EGFR Kit
Best in class sensitivity—detect one copy of a mutant DNA among 10,000 wildtype
Proprietary and patented switch blocker technology—provides superior sensitivity and cost savings
More content per assay—amplify multiple mutations/variants in hot spot regions of interest in single reaction
Platform flexibility—used on variety of low-cost analytical platforms including qPCR and Sanger Sequencing
Proven assay technology—used in 20,000 tests to date
Biocept, Inc., an early stage molecular oncology diagnostics company, develops and commercializes proprietary circulating tumor cell (CTC) and circulating tumor DNA assays utilizing a standard blood sample. The company’s cancer assays provide information to healthcare providers to identify oncogenic alterations that qualify a subset of cancer patients for targeted therapy at diagnosis, progression, and monitoring in order to identify resistance mechanisms. It offers assays for solid tumor indications, such as breast cancer, non-small cell lung cancer, small cell lung cancer, gastric cancer, colorectal cancer, prostate cancer, melanoma, pancreatic biliary cancer, and ovarian cancer. The company sells its cancer diagnostic assays directly to oncologists and other physicians at private and group practices, hospitals, and cancer centers in the United States, as well as markets its clinical trial and research services to pharmaceutical and biopharmaceutical companies, and clinical research organizations. Biocept, Inc. was founded in 1997 and is headquartered in San Diego, California.
Date Brokerage Action Rating
10/3/2018 Dawson James Reiterated Rating Buy
5/23/2018 Westpark Capital Downgrade Outperform ➝ Hold
Third Quarter Financial Results
Revenues for the third quarter of 2018 were $762,000. For the third quarter of 2018, revenues included $698,000 in commercial test revenues, and $63,000 in development services test revenues.
Cost of revenues for the third quarter of 2018 of $2.5 million was unchanged from the prior year period.
Research and development (R&D) expenses for the third quarter of 2018 were $1.1 million.
General and administrative (G&A) expenses for the third quarters of 2018 and 2017 were unchanged at $1.8 million.
Sales and marketing expenses for the third quarter of 2018 were $1.4 million.
The net loss for the third quarter of 2018 was $6.0 million, or $2.42 per share.
Stock influences and risk factors
If they cannot develop products, assays and services to keep pace with rapid advances in technology, medicine and science, their operating results and competitive position could be harmed.
If their sole laboratory facility becomes damaged or inoperable, their ability to sell and provide products and diagnostic assays and pursue research and development efforts may be jeopardized.
If they cannot compete successfully with competitors, they may be unable to increase or sustain revenues or achieve and sustain profitability.
If they are not able to retain and recruit personnel with the requisite technical skills, they may be unable to successfully execute the business strategy.
On Friday, March 15, 2019, BIOC shares closed at $1.17 per share on traded volume of 8 million shares. The current RSI (14) is 48.42
At $1.17 per share BIOC is trading below its 50 DMA and 200 DMA of $1.41 and $3.00 respectively.
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