NEW YORK – Liquid biopsy firm Biocept said Friday that it is exploring strategic alternatives to enhance shareholder value, and has engaged EF Hutton, a division of Benchmark Investments, as its financial adviser.
As this process moves forward, the firm is implementing a restructuring plan that includes reducing staff by approximately 35 percent.
According to the company, potential strategic alternatives could include an acquisition, merger, reverse merger, other business combination, sales of assets, licensing, or other strategic transactions, but Biocept cautioned there is no guarantee of success. The company projects a year-end 2022 cash balance of approximately $13 million compared to $28.9 million at the end of 2021.
"We remain excited by the potential of CNSide as a first-in-class cerebrospinal fluid assay for patients with central nervous system metastasis. … However, we must preserve our remaining resources to extend our cash runway to better explore strategic alternatives that can benefit shareholders. We plan to continue to explore a variety of opportunities to advance this assay," Samuel Riccitelli, Biocept's interim president and CEO, said in a statement.