
Biocept Reports First Quarter 2018 Financial Results
"Our actions to grow our business resulted in a 10% increase in billable test volume for the first quarter of 2018 over the fourth quarter of 2017," said
Mr. Nall continued, "We have consolidated our salesforce to a team of experienced sales professionals with a directive to focus on lung cancer profiling and monitoring where the need for liquid biopsy is high. To that end, our sales representatives are educating physicians with two case studies, both recently published in peer-reviewed journals, featuring the advantages of our Target Selector™ platform in patients with lung cancer. We are also raising awareness of the revised clinical consensus guidelines issued earlier this year that recommend expanded use of liquid biopsy for both the profiling and monitoring of molecular biomarkers in patients diagnosed with lung cancer.
"I'm also pleased to report that we have shipped our first order of patented blood collection tubes for distribution through our previously announced exclusive agreement with global laboratory product supplier VWR," Mr. Nall added. "VWR has launched our tubes commercially, which now can be ordered through VWR's extensive distribution network. This is an important milestone as we transition our business from a CLIA laboratory to a fully integrated diagnostic provider, offering services as well as devices and kits."
Review of First Quarter and Recent Accomplishments
Collaborations
- Entered into a partnership with
Thermo Fisher Scientific to validate its Oncomine™ next-generation sequencing panel inBiocept's CLIA laboratory. Upon completion of validation,Biocept expects to become a Thermo Fisher Liquid Biopsy Center of Excellence with the potential to jointly market services to the pharmaceutical industry.
Clinical Data Presentations and Publications
- Published case report in the peer-reviewed journal Oncology & Hematology Review, demonstrating the clinical utility of
Biocept's Target Selector™ ALK gene rearrangement test. The circulating tumor cell (CTC)-based assay detected the ALK gene translocation in a patient diagnosed with non-small cell lung cancer who subsequently received sequential ALK inhibitor therapies and exhibited excellent clinical response to treatment. - Announced publication of a letter to the editor in the peer-reviewed
Journal of Thoracic Oncology , the official journal of theInternational Association for the study of Lung Cancer. The letter outlined the ability ofBiocept's Target Selector™ test to identify a ROS1 gene rearrangement in a patient with lung cancer, confirming the results of a prior tissue biopsy. Another liquid biopsy method cited in the report failed to find this important cancer biomarker. - Presented two posters at the fifth
AACR-IASLC International Joint Conference including clinical data generated in collaboration with theUniversity of Minnesota demonstrating clinical utility of monitoring metastatic testicular cancer usingBiocept's CTC assay technology, as well as data showing that incorporation ofThermo Fisher Scientific's QuantStudio 5 PCR Instrument into the Company's Target Selector™ platform improves sensitivity and specificity for the detection of lung cancer biomarkers.
Patents
- Awarded a patent in
China for assays to perform molecular (ctDNA) analysis using real-time PCR,Sanger sequencing and next-generation sequencing, encompassingBiocept's proprietary "switch-blocker" technology. - Granted patents in the U.S. and
Australia for the Company's Target Selector ctDNA assay platform, which enriches for mutations of interest associated with cancer. - Awarded a patent in
Japan for the use of antibodies to capture any target of interest from any sample type on a device surface. These targets include CTCs, sub-cellular vesicles and exosomes shed by solid tumors into the bloodstream. - Awarded a patent in
Australia for the use of antibodies in microchannels for the capture of cancer cells, including uses for CTCs and other rare cells.
First Quarter Financial Results
Revenues for the first quarter of 2018 were
Cost of revenues for the first quarter of 2018 was
Research and development (R&D) expenses for the first quarter of 2018 were
General and administrative (G&A) expenses were unchanged at
Sales and marketing expenses for the first quarter of 2018 were
The net loss for the first quarter of 2018 was
Cash and cash equivalents as 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 to provide physicians with clinically actionable information to improve the outcomes of cancer patients, our ability to transition our business from a CLIA laboratory to a fully integrated diagnostic provider, the ability of recent developments to support future growth, the success of our collaboration with
BIOCEPT, INC. CONDENSED BALANCE SHEETS |
||||||||||
December 31, |
March 31, |
|||||||||
2017 |
2018 |
|||||||||
(unaudited) |
||||||||||
ASSETS |
||||||||||
Cash |
$ |
2,146,611 |
$ |
9,272,420 |
||||||
Accounts receivable, net |
1,193,426 |
1,329,701 |
||||||||
Inventories, net |
498,702 |
490,979 |
||||||||
Prepaid expenses and other current assets |
416,600 |
665,140 |
||||||||
TOTAL CURRENT ASSETS |
4,255,339 |
11,758,240 |
||||||||
FIXED ASSETS, NET |
3,123,567 |
2,989,587 |
||||||||
TOTAL ASSETS |
$ |
7,378,906 |
$ |
14,747,827 |
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||
CURRENT LIABILITIES, NET |
$ |
4,661,345 |
$ |
4,882,920 |
||||||
NON-CURRENT LIABILITIES, NET |
1,421,527 |
1,357,193 |
||||||||
TOTAL LIABILITIES |
6,082,872 |
6,240,113 |
||||||||
SHAREHOLDERS' EQUITY |
1,296,034 |
8,507,714 |
||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
7,378,906 |
$ |
14,747,827 |
||||||
BIOCEPT, INC. |
|||||
For the three months ended March 31, |
|||||
2017 |
2018 |
||||
(unaudited) |
(unaudited) |
||||
NET REVENUES |
$ |
1,683,065 |
$ |
806,943 |
|
COSTS AND EXPENSES |
|||||
Cost of revenues |
2,129,454 |
2,434,886 |
|||
Research and development expenses |
757,258 |
1,070,581 |
|||
General and administrative expenses |
1,909,635 |
1,938,664 |
|||
Sales and marketing expenses |
1,278,311 |
1,636,542 |
|||
Total costs and expenses |
6,071,658 |
7,080,673 |
|||
LOSS FROM OPERATIONS |
(4,388,593) |
(6,273,730) |
|||
INTEREST AND OTHER INCOME/(EXPENSE), NET |
(44,114) |
(82,674) |
|||
LOSS BEFORE INCOME TAXES |
(4,432,707) |
(6,356,404) |
|||
INCOME TAXES |
— |
— |
|||
NET LOSS AND COMPREHENSIVE LOSS |
$ |
(4,432,707) |
$ |
(6,356,404) |
|
NET LOSS PER SHARE |
|||||
- Basic |
$ |
(0.21) |
$ |
(0.11) |
|
- Diluted |
$ |
(0.21) |
$ |
(0.11) |
|
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING |
|||||
- Basic |
20,969,131 |
57,086,814 |
|||
- Diluted |
20,969,131 |
57,086,814 |
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SOURCE
Investors, LHA Investor Relations, Jody Cain, Jcain@lhai.com, (310) 691-7100; Media, Trevelino/Keller, Colleen Murphy, cmurphy@trevelinokeller.com, (404) 214-0722, Ext. 109