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CTC Dx Firm Biocept Posts 23 Percent Increase in 2013 Revenues

NEW YORK (GenomeWeb News) – Oncology diagnostics company Biocept said on Friday that its revenues for 2013 increased 23 percent year over year.

For full-year 2013, revenues rose to $134,245 from $109,289 in 2012, the San Diego-based firm said in its Form 10-K filed with the US Securities and Exchange Commission. Its net loss in 2013 was $9.2 million, or $50.80 per share, compared to a net loss of $12.3 million, or $76.43 per share, in 2013.

Its R&D costs were cut by more than half to $3.1 million in 2013 from $6.6 million in the year-ago period as the company reduced its R&D headcount to an average of nine personnel last year from an average of 16 in 2012, it said, adding lab expenses were also allocated to cost of revenues based on the number of samples processed.

The firm, which is developing diagnostics based on circulating tumor cell technology, also said that it trimmed its SG&A costs 4 percent year over year to $2.7 million from $2.8 million.

Biocept ended 2013 with $69,178 in cash and cash equivalents. The firm went public in February, raising about $19 million in gross proceeds.