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Biocept's Q3 Revenues Rise on Test Volume Increase

NEW YORK (GenomeWeb) – Biocept reported after the close of the market Thursday that its third quarter revenues rose sharply year over year on increased test volume.

The San Diego-based maker of cancer biomarker assays reported total revenues of $164,856 for the three months ended Sept. 30, up from $10,274 for the third quarter of 2014. It said that it accessioned 482 commercial cases during the quarter, nearly five times the 96 commercial cases for the third quarter of 2014.

"During the third quarter we launched proprietary quantitative assays that target important mutations in colorectal cancer, melanoma, and small cell lung cancer, building on what we believe to be the largest number of commercial biomarker assays using a combination of circulating tumor cells and circulating tumor DNA for clinical use of any company focused on liquid biopsies," Michael Nall, president and CEO of Biocept, said in a statement. "We plan to further expand our commercial portfolio by introducing additional biomarker assays for lung cancer, breast cancer, and our first biomarker assay for prostate cancer, all by the end of 2015."

Biocept posted a net loss of $4.5 million, or $.24 per share, for Q3 2015 compared to a loss of $3.9 million, or $.87 per share, for Q3 2014. It used 18.7 million shares to calculate its loss in the most recent quarter versus 4.4 million for the comparable period in 2014.

Its R&D expenses dropped 48 percent to $678,000 from $1.3 million year over year, while its SG&A spending jumped 42 percent to $2.7 million from $1.9 million.

Biocept finished the quarter with $12.5 million in cash and cash equivalents.