Biocept Reports Second Quarter 2015 Financial Results
Significantly Increases Sample Volume and Number of Biomarker Assays per Sample
Conference call begins at
"We are proud to have achieved increased results in multiple key
operational metrics during the second quarter," said
Among recent developments,
"Biocept is among the few companies with liquid biopsy assays in the commercial stage and we are excited about our future as a leader in an emerging market that is rapidly becoming standard of care," added Mr. Nall. "Our biomarker assays feature high specificity and sensitivity, making them ideal for cancer detection as well as monitoring, and we offer two highly validated liquid biopsy approaches with assays for both CTC and ctDNA. We are executing well on our business strategy and have a strong balance sheet to support our growth initiatives. Importantly we are committed to positively impacting patient care and reducing the cost of healthcare."
Second Quarter and Recent Operational Highlights
Commercial Biomarker Launches
- Launched the Target Selector™ assay for KRAS mutations, expanding Biocept's commercially launched biomarker assays to include colorectal cancer and increasing biomarker detection for other solid tumors.
- Launched the Target Selector™ assay for BRAF mutations, expanding Biocept's commercial assays to include melanoma and increasing biomarker detection for other solid tumors.
- Expanded our blood-based biomarker assay menu with FGFR1 amplification, which has been identified in breast cancer and in both small cell and non-small cell lung cancers.
Entered into a research and commercial collaboration with
Sarah Cannon Research Institute, the global cancer enterprise of Hospital Corporation of America, to expand the clinical utility of Biocept's CTC and ctDNA testing for detecting estrogen positive (ER+) breast cancer. The ability to detect ER+ will help in identifying patients who qualify for new, targeted drug therapies.
Announced the addition of Dr.
Marileila Varella Garciafrom the University of Coloradoat Denver, an expert in the molecular and cytogenetic analysis of cancer, as a Scientific Advisor to the company.
- Received a U.S. patent for the company's blood collection and transport preservative, which are key elements in Biocept's microchannel technology for using CTC and ctDNA predictive and prognostic genomic analysis.
Announced that our collaborator
Hatim Husain, MD, from the Moores Cancer Centerat University of California San Diego, and BioceptChief Scientific Officer Lyle Arnold, Ph.D., will present at the Next Generation Dx Summit discussing use of liquid biopsies to identify PDL-1 and CMET expression in lung cancer. Checkpoint inhibition with anti-PD1 and anti-PDL1 antibodies is a significant component of the predictive markers for lung cancer.
Presented an abstract, along with our collaborator,
Lyudmila Bazhenova, MD from the Moores Cancer Centerat University of California San Diego, at the American Society of Clinical Oncology(ASCO) annual meeting demonstrating continued evidence of the clinical utility in non-small cell lung cancer of Biocept's liquid biopsy assays.
Second Quarter Financial Results
Revenues for the second quarter of 2015 increased 305% to
Cost of revenues was
Research and development (R&D) expenses for the second quarter of 2015
decreased 30% to
General and administrative (G&A) expenses for the second quarter of 2015
Sales and marketing expenses for the second quarter of 2015 were
The net loss for the second quarter of 2015 was
Six Month Financial Results
Total operating expenses were
The net loss for the first six months of 2015 was
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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, the resolution of issued related to reimbursement, our impact
on diagnostic standard of care and healthcare costs, 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
CONDENSED BALANCE SHEETS
|Cash and cash equivalents||$||5,364,582||$||16,523,975|
|Prepaid expenses and other current assets||338,721||589,573|
|TOTAL CURRENT ASSETS||5,902,631||17,399,472|
|FIXED ASSETS, NET||662,422||918,187|
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
|NON-CURRENT LIABILITIES, NET||5,354,839||4,234,552|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)||$||6,565,053||$||18,317,659|
|CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS|
For the three months ended
For the six months ended
|COST OF REVENUES||359,364||985,219||1,017,679||1,842,192|
|Research and development||1,107,678||772,098||2,116,607||1,714,227|
|General and administrative||1,032,855||1,359,226||2,909,767||2,651,275|
|Sales and marketing||423,361||851,109||434,503||1,560,565|
|Total operating expenses||2,563,894||2,982,433||5,460,877||5,926,067|
|LOSS FROM OPERATIONS||(2,904,013)||(3,890,884)||(6,431,036)||(7,541,489)|
|INTEREST AND OTHER INCOME/(EXPENSE), NET||(92,027)||(143,866)||(1,692,875)||(293,065)|
|LOSS BEFORE INCOME TAXES||(2,996,040)||(4,034,750)||(8,123,911)||(7,834,554)|
|NET LOSS & COMPREHENSIVE LOSS||$||(2,996,840)||$||(4,035,105)||$||(8,124,711)||$||(7,835,833)|
|NET LOSS PER SHARE|
|WEIGHTED AVG NUMBER OF SHARES OUTSTANDING|
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