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Biocept Inc filed for Chapter 7 bankruptcy liquidation and is permanently closed. No news is currently being published for this defunct company.
Biocept Inc was a molecular oncology diagnostics company headquartered in San Diego, California. The company developed and commercialized liquid biopsy assays designed to detect circulating tumor cells and tumor DNA in blood and cerebrospinal fluid samples from cancer patients. During its operations, news coverage focused on clinical study results, regulatory approvals, reimbursement coverage decisions, partnership announcements, and commercial developments related to the company's diagnostic testing services.
The company's Target Selector platform technology was the subject of news related to new assay launches, validation studies, and clinical applications across multiple cancer types. Announcements regarding the partnership with Quest Diagnostics to distribute the Target Selector NGS Lung Panel generated coverage in healthcare and diagnostics industry publications. Medicare coverage determinations and private payer reimbursement policies for Biocept's assays were frequently newsworthy events that impacted the company's market access.
CNSide cerebrospinal fluid assay developments, including clinical trial initiations, research presentations at medical conferences, and publications demonstrating the technology's performance in detecting CNS metastases, were regular topics in company news. Scientific findings showing the assay's ability to identify actionable biomarkers in patients with leptomeningeal disease received attention in oncology and diagnostics media.
Corporate developments including financial results, strategic initiatives, executive appointments, and capital raising activities were covered in business and investment news outlets. As the company faced financial challenges that ultimately led to bankruptcy proceedings, news coverage shifted to focus on restructuring efforts, asset sales, and the eventual liquidation under Chapter 7 bankruptcy protection.
Biocept, Inc. (NASDAQ: BIOC) reported financial results for 2022, showing a significant revenue decline to $25.9 million from $61.1 million in 2021, primarily due to decreased RT-PCR COVID-19 testing. The company also saw a net loss attributable to common stockholders of $32.1 million, or $1.89 per share, compared to a loss of $2.8 million or $0.19 per share in 2021. Cash reserves decreased to $12.9 million as of December 31, 2022. Biocept has initiated cost-efficiency measures, including a reduction of over 40% in workforce and new lab service agreements aimed at improving testing access. The company is focused on the CNSide™ assay, opening enrollment for the FORESEE clinical trial to support its adoption in clinical care guidelines.
Biocept, Inc. (NASDAQ: BIOC) has initiated enrollment for its FORESEE clinical trial, starting with the first patient at UT Southwestern Medical Center. The trial aims to include 40 patients with breast or non-small cell lung cancer who have leptomeningeal metastases. It evaluates the performance of CNSide, a proprietary cerebrospinal fluid assay, in monitoring treatment responses and informing clinical decisions. Current diagnostic methods have limited sensitivity, highlighting the need for this innovation. The trial results could significantly impact treatment strategies for these patients.
Biocept, Inc. (NASDAQ: BIOC) has granted inducement stock options for 7,360 shares to two new employees as part of their employment agreements. The options, issued on February 28, 2023, have an exercise price of $0.52, corresponding to Biocept's closing stock price on the same day. These are non-qualified stock options with a ten-year term and a vesting period of four years, where 25% vest after the first year and the remainder vest monthly across the following 36 months, contingent on continued employment. This grant complies with Nasdaq Listing Rule 5635(c)(4).
Biocept, Inc. (BIOC) has initiated a review of strategic alternatives to enhance shareholder value, engaging EF Hutton for advisory support. Potential options include mergers, acquisitions, or asset sales. Concurrently, the company plans to restructure by reducing its workforce by approximately 35%. Biocept anticipates a year-end 2022 cash balance around $13 million. Despite challenges, the company remains optimistic about its CNSide™ assay for central nervous system metastasis, focusing on preserving resources to explore beneficial opportunities for shareholders.
Biocept, Inc. (NASDAQ: BIOC) announces the appointment of Quyen Dao-Haddock to its Board of Directors, expanding the board to eight members. Dao-Haddock, a CPA with over 20 years of financial experience, will serve on the Audit Committee. Her background includes roles at various real estate investment trusts, enhancing the company's financial governance. The Chair, Samuel Riccitelli, expressed confidence that her expertise will support Biocept's goal of establishing its CNSide cerebrospinal fluid assay as a standard-of-care diagnostic for cancer patients.
Biocept (NASDAQ: BIOC) announces a collaborative pilot study involving UCSF breast oncologists to analyze cerebrospinal fluid (CSF) in patients with metastatic breast cancer. The study aims to identify biomarkers associated with CNS metastasis, potentially improving treatment responses and prognosis. Analyzing CSF with Biocept's CNSide™ assay, along with blood samples, will provide insights into tumor and immune cell characteristics. This research is supported by a grant from the California Breast Cancer Research Program, highlighting the significant link between CSF findings and patient outcomes.
Biocept reports a significant advancement in neurological tumor diagnostics, highlighting first revenue of $58,000 from its CNSide product in a biopharma trial. The FORESEE trial has commenced patient enrollment, aiming to support CNSide’s clinical utility. CNSide orders surged 14% year-over-year, marking a 212% increase since Q2 2021. Despite a net loss of $5.3 million in Q2 2022, cash reserves stand at $22.9 million. Revenue from RT-PCR COVID-19 tests is declining, with future revenue expectations from this segment diminishing beyond December 2022.
