Biocept Reports First Quarter 2015 Financial Results
Announces Increased Revenues and Strong Year-over-Year Growth in Test Volume
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Recent Business Highlights
- Expanded the Company's non-small cell lung cancer (NSCLC) diagnostic capabilities to include biomarkers for EGFR mutations to assist in optimizing therapy for patients with NSCLC, adding to ALK and ROS1 biomarkers which were launched earlier this year.
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Announced a collaboration with the University of
California ,San Diego Moores Cancer Center with the goal of demonstrating the clinical utility of the Company's technology to detect and identify biomarkers in circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) from blood samples of patients with NSCLC. - Launched the c-MET amplification detection test, which assists physicians in identifying patients who may be receptive to certain gastric and NSCLC treatments.
"We are excited with the direction of our business and are encouraged by our momentum in introducing biomarkers for cancer treatment from a simple blood sample. During the first quarter, we expanded our physician customer base, commercialized additional biomarkers and improved our physician reports, all with the goal of helping to positively impact patient care. We believe we have the largest number of commercial biomarker assays for clinical treatment of patients of any company offering liquid biopsies," said
"We are reporting increasing revenues for the first quarter and strong year-over-year growth in test volume," he added. "We are working to secure routine usage by our customers while establishing the role of our tests in monitoring patients on therapy. Assisting our efforts is a growing body of clinical data to help move liquid biopsy to standard of care."
"During March, we introduced new blood-test biomarkers to our NSCLC panel to analyze for EGFR mutations, which is particularly noteworthy as these are highly important markers in the detection and treatment of this disease," he added. "NSCLC is among the most relevant applications for our liquid biopsy platform as collecting tissue from patients with lung cancer can be challenging, as patients may be too sick to undergo the surgical tissue biopsy procedure. Moreover, lung biopsies are impractical to do on an ongoing basis to monitor therapy. There is a clear medical need to deliver diagnostic results comparable to tissue biopsy from a simple blood test."
First Quarter 2015 Financial Results
Revenues for the first quarter of 2015 increased to
Cost of revenues was
Research and development expenses for the first quarter of 2015 decreased 7% to
General and administrative expenses for the first quarter of 2015 decreased 31% to
Sales and marketing expenses for the first quarter of 2015 were
Net loss for the first quarter of 2015 was
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About
Forward-Looking Statements Disclaimer Statement
This news release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to be correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this news release are not strictly historical, including, without limitation, statements as to improvement of clinical outcomes, our impact on diagnostic standard of care, and our ability
to advance our commercial strategy and further enhance our product portfolio, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our
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CONDENSED BALANCE SHEETS | ||
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2014 | 2015 | |
(unaudited) | ||
ASSETS | ||
Cash and cash equivalents | $ 5,364,582 | $ 19,294,706 |
Accounts receivable | 10,600 | 15,600 |
Inventories, net | 188,728 | 213,560 |
Prepaid expenses and other current assets | 338,721 | 748,966 |
TOTAL CURRENT ASSETS | 5,902,631 | 20,272,832 |
FIXED ASSETS, NET | 662,422 | 626,681 |
TOTAL ASSETS | $ 6,565,053 | $ 20,899,513 |
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) | ||
CURRENT LIABILITIES | $ 1,430,783 | $ 2,233,502 |
NON-CURRENT LIABILITIES, NET | 5,354,839 | 5,083,216 |
TOTAL LIABILITIES | 6,785,622 | 7,316,718 |
SHAREHOLDERS' EQUITY/(DEFICIT) | (220,569) | 13,582,795 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) | $ 6,565,053 | $ 20,899,513 |
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CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
For the three months ended |
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2014 | 2015 | |
(unaudited) | (unaudited) | |
REVENUES | $ 28,275 | $ 150,002 |
COST OF REVENUES | 658,315 | 856,973 |
GROSS LOSS | (630,040) | (706,971) |
OPERATING EXPENSES | ||
Research and development | 1,008,929 | 942,129 |
General and administrative | 1,876,912 | 1,292,049 |
Sales and marketing | 11,142 | 709,456 |
Total operating expenses | 2,896,983 | 2,943,634 |
LOSS FROM OPERATIONS | (3,527,023) | (3,650,605) |
INTEREST AND OTHER INCOME/(EXPENSE), NET | (1,600,848) | (149,199) |
LOSS BEFORE INCOME TAXES | (5,127,871) | (3,799,804) |
INCOME TAXES | — | (924) |
NET LOSS & COMPREHENSIVE LOSS | $ (5,127,871) | $ (3,800,728) |
NET LOSS PER SHARE | ||
- Basic | $ (1.96) | $ (0.37) |
- Diluted | $ (1.96) | $ (0.37) |
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING | ||
- Basic | 2,617,275 | 10,372,667 |
- Diluted | 2,617,275 | 10,372,667 |
CONTACT: Investor Contact:Source:The Ruth Group David Burke (646) 536-7009 dburke@theruthgroup.com
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