Biocept Reports 2015 Fourth Quarter and Full Year Financial Results
"Commercial samples reached a record high of 584 for the fourth quarter, up 32% from the third quarter, indicating that our tests are increasingly being used by physicians to assist with making patient treatment decisions," said
"We have clear priorities for 2016 aimed at continuing to drive billable sample volume," he added. "Among these, we look to expand our test menu with new biomarkers, initiate new clinical validation and utility studies in collaboration with leading cancer centers and universities, establish a
"Among the factors we believe will contribute to our success is our use of blood as the primary sample type for our testing. A higher concentration of tumor cells and cancer DNA fragments are found in blood for most solid tumor cancers compared with other fluids, including urine,"
Fourth Quarter and Recent Operational Highlights
Commercial Biomarker Launches
- Launched androgen receptor expression test using a patient's blood for the detection and monitoring of late-stage prostate cancer and triple negative breast cancer.
Collaborations
- Advanced our collaboration with Rosetta Genomics to proof-of-concept studies aimed at utilizing microRNAs to enhance lung cancer diagnosis, following the successful completion of our feasibility studies.
- Announced a collaboration with
Baylor College of Medicine to develop molecular diagnostic assay platforms to detect ESR1mutations associated with breast cancer.
Industry Conferences and Study Results
- Announced presentations of data from research with
Biocept tests at Molecular Medicine Tri-Con 2016, UCSD Moores Cancer Center Translational Oncology Symposium, SelectBIO Biofluid Biopsies &High-Value Diagnostics 2015 Meeting and Association for Molecular Pathology Annual Meeting.
Healthcare Payer Agreements
- Secured agreements with FedMed,
Prime Health Services ,Blue Cross Blue Shield of Illinois , Fortified Provider Network and Three Rivers Provider Network to provide in-network coverage for our tests and support timely adjudication of claims. The number of covered lives under these third-party administrator plans has increased to approximately 180 million, with some members covered by multiple plans.
Patents
- Received patent allowances in
Hong Kong andJapan covering our microchannel device for the capture of cells, such as circulating tumor cells (CTCs), from blood and other biological fluids. - Received a patent from the European Patent Office covering the use of antibodies in the capture of rare cells, such as CTCs, from blood and other biological fluids using our patented microchannel device.
Corporate
- Entered into a common stock purchase agreement for up to
$15 million withAspire Capital Fund, LLC , with Aspire purchasing the first$1 million at a premium to that day's closing price.
Fourth Quarter Financial Results
We accessioned 584 commercial samples, 34 development services samples and 663 total samples during the fourth quarter of 2015. These sample volumes compare favorably with 292 commercial samples, 11 development services samples and 354 total samples for the fourth quarter of 2014.
Revenues for the fourth quarter of 2015 increased to
Cost of revenues of
R&D expenses for the fourth quarter of 2015 decreased 27% to
General and administrative (G&A) expenses for the fourth quarter of 2015 increased to
Sales and marketing expenses for the fourth quarter of 2015 increased to
Net loss for the fourth quarter of 2015 was
Full Year Financial Results
During 2015 we accessioned 1,608 commercial samples, 216 development services samples and 2,030 total samples. Our 2015 sample volume compared favorably with the 402 commercial samples, 115 development samples and 661 total samples in 2014.
Revenues for 2015 reached
Total costs and expenses for 2015 of
Net loss for 2015 was
We reported cash and cash equivalents of
Conference Call and Webcast
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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 our ability improve the diagnosis and treatment of cancer, our ability to drive billable
sample volume, our ability to expand our test menu with new biomarkers and tests for new solid tumors, our ability to initiate new clinical validation and utility studies in collaboration with leading cancer centers and universities, our ability to grow our physician customer base, our ability to partner with pharmaceutical companies, and our ability to build on our commercial leadership position in the liquid biopsy field, 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 | |||||||
|
| ||||||
2014 |
2015 | ||||||
(unaudited) | |||||||
ASSETS |
|||||||
Cash and cash equivalents |
$ |
5,364,582 |
$ |
8,821,329 | |||
Accounts receivable |
10,600 |
34,200 | |||||
Inventories, net |
188,728 |
349,271 | |||||
Prepaid expenses and other current assets |
338,721 |
435,938 | |||||
TOTAL CURRENT ASSETS |
5,902,631 |
9,640,738 | |||||
FIXED ASSETS, NET |
662,422 |
946,180 | |||||
TOTAL ASSETS |
$ |
6,565,053 |
$ |
10,586,918 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) |
|||||||
CURRENT LIABILITIES |
$ |
1,430,783 |
$ |
3,340,788 | |||
NON-CURRENT LIABILITIES, NET |
5,354,839 |
3,553,395 | |||||
TOTAL LIABILITIES |
6,785,622 |
6,894,183 | |||||
SHAREHOLDERS' EQUITY/(DEFICIT) |
(220,569) |
3,692,735 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) |
$ |
6,565,053 |
$ |
10,586,918 |
| |||||||||||
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||
For the three months ended December 31, |
For the year ended December 31, | ||||||||||
2014 (unaudited) |
2015 (unaudited) |
2014 |
2015 (unaudited) | ||||||||
REVENUES |
$ |
75,621 |
$ |
218,283 |
$ |
133,415 |
$ |
609,909 | |||
COSTS AND EXPENSES |
|||||||||||
Cost of revenues |
614,688 |
1,275,691 |
2,170,548 |
4,596,158 | |||||||
Research and development |
1,070,278 |
784,379 |
4,497,790 |
2,857,770 | |||||||
General and administrative |
1,231,418 |
1,404,515 |
5,201,997 |
5,686,398 | |||||||
Sales and marketing |
890,496 |
1,264,168 |
2,137,004 |
3,880,386 | |||||||
Total costs and expenses |
3,806,880 |
4,728,753 |
14,007,339 |
17,020,712 | |||||||
LOSS FROM OPERATIONS |
(3,731,259) |
(4,510,470) |
(13,873,924) |
(16,410,803) | |||||||
INTEREST AND OTHER INCOME/(EXPENSE), NET |
(149,576) |
(106,900) |
(1,990,616) |
(537,115) | |||||||
LOSS BEFORE INCOME TAXES |
(3,880,835) |
(4,617,370) |
(15,864,540) |
(16,947,918) | |||||||
INCOME TAXES |
(706) |
(130) |
(1,506) |
(1,608) | |||||||
NET LOSS & COMPREHENSIVE LOSS |
$ |
(3,881,541) |
$ |
(4,617,500) |
$ |
(15,866,046) |
$ |
(16,949,526) | |||
NET LOSS PER SHARE |
|||||||||||
- Basic |
$ |
(0.87) |
$ |
(0.24) |
$ |
(3.97) |
$ |
(1.02) | |||
- Diluted |
$ |
(0.87) |
$ |
(0.24) |
$ |
(3.97) |
$ |
(1.02) | |||
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING |
|||||||||||
- Basic |
4,449,603 |
18,921,945 |
3,997,797 |
16,538,963 | |||||||
- Diluted |
4,449,603 |
18,921,945 |
3,997,797 |
16,538,963 |
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