Biocept Reports First Quarter 2017 Financial Results
"The first quarter of 2017 was productive, with billable samples up 38% over the same period last year, and revenue of
"Among our recent achievements, we are pleased to have been selected to participate in the
"One of our 2017 strategic initiatives is to partner with leading cancer treatment centers in
"We also are capitalizing on the growing awareness of liquid biopsy by adding new sales executives to the team, bringing our field force to 12 representatives and three managers. I am enthusiastic about the high caliber of our new hires, and we believe that we are on track to grow our sales team to 15 to 20 representatives by the end of this year,"
Review of First Quarter 2017 and Recent Accomplishments
Collaborations
- Selected by ALCMI to participate as liquid biopsy testing provider in the landmark ALCMI-009 Liquid Biopsy trial, a 400-patient, multi-center, well-controlled, prospective trial to demonstrate the clinical utility of liquid biopsy for use in detecting and assessing clinically actionable biomarkers from the blood of patients with NSCLC.
- Announced a multiphase agreement granting OHSU the rights to commercially offer Target Selector™ liquid biopsy testing services exclusively throughout the state of
Oregon . The agreement also provides for a technology transfer in which OHSU will have the ability to use Target Selector™ assays in-house and act as a secondary laboratory forBiocept's research and testing activities. - Announced a collaboration with Catalyst Pharmaceuticals for the provision of Target Selector™ testing to screen patients with Lambert Eaton Myasthenic Syndrome (LEMS) enrolled in a Phase III trial for the early onset or recurrence of small-cell lung cancer.
- Entered into a laboratory services agreement with a national cancer treatment center to provide our Target Selector™ liquid biopsy testing services within a multi-hospital network located throughout
the United States .
Corporate
- Completed financing raising gross proceeds of
$9.3 million in March. - Appointed
Michael Terry to the newly created position of Senior Vice President of Commercial Operations. - Achieved conversion to accrual-based revenue recognition and reporting practices.
Patents
- Awarded patent in
Japan for the use of antibodies to capture any target of interest from any sample type. These targets could include circulating tumor cells (CTCs), sub-cellular vesicles, and exosomes shed by solid tumors into the blood, on a device surface. - Awarded patent in
Australia for the use of antibodies to capture cells in microchannels, including uses for CTCs and other rare cells.
Healthcare Payer Agreements
- Entered into In-Network Provider agreement with
Blue Cross Blue Shield of Texas , and a group-purchasing organization agreement with a large national health plan association.
First Quarter Financial Results
We accessioned 1,107 billable samples during the first quarter of 2017, a 38% increase from 801 billable samples accessioned during the first quarter of 2016. Total sample accessions, which also include samples from research, assay validations, and other non-billable sources, were 1,246 for the first quarter of 2017, also up 38% from 902 total samples for the first quarter of 2016.
Revenues for the first quarter of 2017 of
Cost of revenues for the first quarter of 2017 of
Research and development expenses for the first quarter of 2017 of
General and administrative expenses for the first quarter of 2017 were
Sales and marketing expenses for the first quarters of 2017 and 2016 were unchanged at
The net loss for the first quarter of 2017 was
Cash and cash equivalents were
Conference Call and Webcast
A replay of the call will be available for 48 hours following the conclusion of the call and can be accessed by dialing (877) 344-7529 for domestic callers, (855) 669-9658 for Canadian callers or (412) 317-0088 for other international callers. Please use event passcode 10101325.
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 to provide physicians with clinically actionable information to improve the
outcomes of cancer patients, our ability to roll out our molecular pathology partnership model, our ability to increase the commercial adoption of our proprietary Target Selector™ liquid biopsy platform, our ability to grow our sales team, and our ability to make investments to accelerate our growth, 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 | ||||||||||
|
| |||||||||
2016 |
2017 | |||||||||
(unaudited) |
||||||||||
ASSETS |
||||||||||
Cash and cash equivalents |
$ |
4,609,332 |
$ |
14,042,388 |
||||||
Accounts receivable, net |
128,969 |
834,894 |
||||||||
Inventories, net |
549,045 |
525,514 |
||||||||
Prepaid expenses and other current assets |
484,649 |
386,917 |
||||||||
TOTAL CURRENT ASSETS |
5,771,995 |
15,789,713 |
||||||||
FIXED ASSETS, NET |
1,806,331 |
2,143,700 |
||||||||
TOTAL ASSETS |
$ |
7,578,326 |
$ |
17,933,413 |
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||
CURRENT LIABILITIES |
$ |
4,393,552 |
$ |
5,452,800 |
||||||
NON-CURRENT LIABILITIES, NET |
2,526,113 |
2,062,544 |
||||||||
TOTAL LIABILITIES |
6,919,665 |
7,515,344 |
||||||||
SHAREHOLDERS' EQUITY |
658,661 |
10,418,069 |
||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
7,578,326 |
$ |
17,933,413 |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||
For the three months ended March 31, |
||||||
2016 (unaudited) |
2017 (unaudited) |
|||||
NET REVENUES |
$ |
221,369 |
$ |
1,683,065 |
||
COSTS AND EXPENSES |
||||||
Cost of revenues |
1,474,790 |
2,129,454 |
||||
Research and development |
728,076 |
757,258 |
||||
General and administrative |
1,487,224 |
1,906,635 |
||||
Sales and marketing |
1,304,899 |
1,278,311 |
||||
Total costs and expenses |
4,994,989 |
6,071,658 |
||||
LOSS FROM OPERATIONS |
(4,773,620) |
(4,388,593) |
||||
INTEREST AND OTHER INCOME/(EXPENSE), NET |
(100,028) |
(44,114) |
||||
LOSS BEFORE INCOME TAXES |
(4,873,648) |
(4,432,707) |
||||
INCOME TAXES |
(1,550) |
— |
||||
NET LOSS & COMPREHENSIVE LOSS |
$ |
(4,875,198) |
$ |
(4,432,707) |
||
NET LOSS PER SHARE |
||||||
- Basic |
$ |
(0.74) |
$ |
(0.21) |
||
- Diluted |
$ |
(0.74) |
$ |
(0.21) |
||
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING |
||||||
- Basic |
6,566,992 |
20,969,131 |
||||
- Diluted |
6,566,992 |
20,969,131 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/biocept-reports-first-quarter-2017-financial-results-300456420.html
SOURCE
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