Biocept Reports Second Quarter 2017 Financial Results
"Our positive second quarter 2017 financial results reflect the Company's focus on increasing sales force productivity, refreshing our marketing message, and improving collections from third-party health plans to accelerate growth of our revenue and test volume," said
"We also made progress on several other initiatives in the recent period including the launch of our newest liquid biopsy test for progesterone receptor, entry into two health plan contracts with Scripps and MediNcrease, and the issuance of broad patents on our core Target Selector™ technology in both the
"Earlier today, we announced a
Review of Second Quarter 2017 and Recent Accomplishments
Corporate Developments
- Announced
$2.2 million private financing withAlly Bridge LB Healthcare Master Fund .Biocept is also evaluating strategic opportunities with Ally Bridge regarding the Company's liquid biopsy platform inChina . - Named to the Russell Microcap® Index, which is used by investment managers as a benchmark for active investment strategies.
- Launched the "AND" marketing campaign highlighting the potential benefits of using both liquid biopsy and tissue biopsy to improve the convenience, cost, and time to identify clinically actionable biomarkers in patients with NSCLC.
Collaborations
- Selected by the
Addario Lung Cancer Medical Institute (ALCMI) to participate as a liquid biopsy testing provider in the landmark ALCMI-009 Liquid Biopsy trial, a 400-patient, multicenter, 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
Oregon Health Sciences University (OHSU) exclusive rights to offerBiocept's Target Selector™ liquid biopsy testing services throughout the state ofOregon .
Patents
- Granted
U.S. patent with broad claims for antibody capture of targets of interest on any solid surface including circulating tumor cells (CTCs) and other materials shed by solid tumors into blood. - Awarded patent in
Japan for the use of antibodies to capture any target of interest from any sample type, including CTCs, sub-cellular vesicles and exosomes.
Commercial Biomarker Launch
- Expanded commercially available biomarkers for breast cancer with the launch of a liquid biopsy test for progesterone receptor (PR).
Healthcare Payer Agreements
- Executed preferred provider agreements with both Scripps Health Plan and MediNcrease, expanding in-network access to
Biocept's liquid biopsy testing.
Clinical Data Presentation
- Three scientific and medical abstracts regarding the Company's Target Selector™ liquid biopsy platform featured at the 2017 ASCO Annual Meeting.
Second Quarter Financial Results
Revenues for the second quarter of 2017 increased 93% to
Cost of revenues for the second quarter of 2017 was
Research and development (R&D) expenses for the second quarter of 2017 were
General and administrative (G&A) expenses for the second quarter of 2017 were
Sales and marketing expenses for the second quarter of 2017 were
The net loss for the second quarter of 2017 was
Six Month Financial Results
Revenues for the first six months of 2017 increased more than three-fold to
Cost of revenues for the first six months of 2017 was
R&D expenses for the first six months of 2017 were
G&A expenses for the first six months of 2017 were
Sales and marketing expenses for the first six months of 2017 were
The net loss for the first six months 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 10111122.
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 improve collections and accelerate the growth of our revenue and test volume, our ability to pursue strategic partnering opportunities in the
CONDENSED BALANCE SHEETS |
||||||||||
|
|
|||||||||
2016 |
2017 |
|||||||||
(unaudited) |
||||||||||
ASSETS |
||||||||||
Cash |
$ |
4,609,332 |
$ |
10,000,155 |
||||||
Accounts receivable, net |
128,969 |
994,746 |
||||||||
Inventories, net |
549,045 |
631,210 |
||||||||
Prepaid expenses and other current assets |
484,649 |
624,827 |
||||||||
TOTAL CURRENT ASSETS |
5,771,995 |
12,250,938 |
||||||||
FIXED ASSETS, NET |
1,806,331 |
2,402,255 |
||||||||
TOTAL ASSETS |
$ |
7,578,326 |
$ |
14,653,193 |
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||
CURRENT LIABILITIES, NET |
$ |
4,393,552 |
$ |
5,749,416 |
||||||
NON-CURRENT LIABILITIES, NET |
2,526,113 |
1,561,520 |
||||||||
TOTAL LIABILITIES |
6,919,665 |
7,310,936 |
||||||||
SHAREHOLDERS' EQUITY |
658,661 |
7,342,257 |
||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
7,578,326 |
$ |
14,653,193 |
||||||
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) |
||||||||||||
For the three months ended |
For the six months ended |
|||||||||||
2016 |
2017 |
2016 |
2017 |
|||||||||
NET REVENUES |
$ |
662,860 |
$ |
1,278,961 |
$ |
884,229 |
$ |
2,962,026 |
||||
COSTS AND EXPENSES |
||||||||||||
Cost of revenues |
1,669,571 |
2,368,705 |
3,144,361 |
4,498,159 |
||||||||
Research and development |
716,279 |
841,991 |
1,444,355 |
1,599,249 |
||||||||
General and administrative |
1,517,664 |
1,798,026 |
3,004,888 |
3,704,661 |
||||||||
Sales and marketing |
1,291,709 |
1,746,867 |
2,596,608 |
3,025,178 |
||||||||
Total costs and expenses |
5,195,223 |
6,755,589 |
10,190,212 |
12,827,247 |
||||||||
LOSS FROM OPERATIONS |
(4,532,363) |
(5,476,628) |
(9,305,983) |
(9,865,221) |
||||||||
INTEREST AND OTHER INCOME/(EXPENSE), NET |
(61,308) |
(214,377) |
(161,336) |
(258,491) |
||||||||
LOSS BEFORE INCOME TAXES |
(4,593,671) |
(5,691,005) |
(9,467,319) |
(10,123,712) |
||||||||
INCOME TAXES |
(503) |
(2,146) |
(2,053) |
(2,146) |
||||||||
NET LOSS AND COMPREHENSIVE LOSS |
$ |
(4,594,174) |
$ |
(5,693,151) |
$ |
(9,469,372) |
$ |
(10,125,858) |
||||
NET LOSS PER SHARE |
||||||||||||
- Basic |
$ |
(0.60) |
$ |
(0.21) |
$ |
(1.33) |
$ |
(0.42) |
||||
- Diluted |
$ |
(0.60) |
$ |
(0.21) |
$ |
(1.33) |
$ |
(0.42) |
||||
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING |
||||||||||||
- Basic |
7,702,286 |
26,778,549 |
7,134,639 |
23,889,888 |
||||||||
- Diluted |
7,702,286 |
26,778,549 |
7,134,639 |
23,889,888 |
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