Biocept Inc.
Aug 14, 2014

Biocept Provides Second Quarter Operational Update

SAN DIEGO, Aug. 14, 2014 (GLOBE NEWSWIRE) -- Biocept, Inc. (Nasdaq:BIOC), a molecular oncology diagnostics company specializing in Circulating Tumor Cells (CTCs) and Circulating Tumor DNA (ctDNA) biomarker analysis, today provided a business update following the recent filing with the US Securities and Exchange Commission of its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2014.

Recent Highlights

Michael W. Nall, President and CEO of Biocept, said, "We made progress during the quarter as we continue to launch our business plan, focused on three pillars of growth - (i) commercial clinical business; (ii) biopharma and academic trials and research; and (iii) partnerships and licensing. Importantly, we hired an experienced sales team that has expertise in oncology diagnostics and services. This team is led by Raaj Trivedi, who is implementing a global sales program for our diagnostic services and has been engaging key opinion leaders to initiate projects for both current and future offerings. We are working to expand sales in the U.S. for our diagnostics by building awareness of our testing with physicians and biopharma companies in order to identify collaboration opportunities. Also of note, we recently hired Amy McNeal to lead our strategic reimbursement efforts. Amy will be leading our efforts to gain coverage for the CTC capture portion of our testing as well as developing a value proposition for the payor community comparing the value of the liquid biopsy solution to a tissue biopsy.

"In addition to establishing a commercial team with experience and knowledge in the field of oncology diagnostics, we continued to enhance our offering with the launch of our clinical research services and estrogen receptor status testing on CTCs, both of which will utilize our CLIA-certified, CAP-accredited laboratory. Finally, during the quarter we further strengthened our balance sheet with a $10 million loan facility agreement. This additional access to capital provides us with flexibility as we pursue sales growth opportunities and development of our diagnostics platform to enhance personalized care for cancer patients."

About Biocept, Inc.

Biocept, Inc., headquartered in San Diego, California, is a commercial stage oncology diagnostics company focused on providing information on patients' tumors to physicians using its proprietary technology platform to help improve individual patient treatment. Biocept has developed proprietary technology platforms for capture and analysis of circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) utilizing a standard blood sample to provide physicians with important prognostic and predictive information to enhance individual treatment of their patients with cancer. Biocept currently offers its OncoCEE-BRTM test for breast cancer and plans to introduce tests for lung, colorectal, prostate and other solid tumors based on its proprietary technology platforms.

Forward-Looking Statements Disclaimer Statement

This 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 have been 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 release are not strictly historical, including without limitation statements as to adding agreements and partnerships with healthcare providers and medical facilities, reimbursement coverage, automation efforts and anticipated product introductions, 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 SEC filings, including without limitation our need to grow our business and our operations, our need for capital, and the effects of reimbursement limitations and other health care statutory and regulatory initiatives. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this release. Readers are advised to review our filings with the Securities and Exchange Commission, which can be accessed over the Internet at the SEC's website located at www.sec.gov.

CONTACT: Investor Contact:

         The Ruth Group

         David Burke/Lee Roth

         (646) 536-7009 / (646) 536-7012

         dburke@theruthgroup.com/lroth@theruthgroup.com

         

         

         Media Contact:

         The Ruth Group

         Melanie Sollid-Penton

         (646) 536-7023

         msollid@theruthgroup.com