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Correction: Biocept Q1 Revenues Fall 20 Percent

The headline has been corrected to state that Biocept's first quarter revenues decreased, not increased, 20 percent.

NEW YORK (GenomeWeb) – Newly publicly traded firm Biocept yesterday reported a 20 percent drop year over year in its first quarter revenues.

In a Form 10-Q filed with the US Securities and Exchange Commission, the San Diego-based firm said that revenues shrank to $28,275 for the three months ended March 31, compared to $35,154 in the year-ago quarter.

A shift in revenue mix from commercial revenues to clinical trials revenues was the cause of the decline, Biocept said in its SEC document. It added that the average price per commercial test increased to $758 in the recently completed quarter from $610 a year ago. The average price per clinical trials test was $400 for both quarters.

The company's net loss for Q1 2014 was $5.1 million, or $1.96 per share, compared to a net loss of $1.9 million, or $10.67 per share, a year ago. Biocept went public in February and used 2.6 million shares to calculate its loss on a per share basis for the recently completed quarter, compared to 180,540 shares in the year-ago period.

The circulating tumor cell-based diagnostics company increased its R&D spending 41 percent year over year to $1 million from $710,206 and its SG&A spending more than three-fold to $1.9 million from $547,561.

Biocept exited the first quarter with $10.4 million in cash and cash equivalents. Earlier this month it entered into a $10 million loan and security agreement with Oxford Finance.

Also this month, the company launched its clinical research services offering, which includes blood-based biomarker testing services for R&D applications, such as clinical trial screening and testing.