Biocept

The company reported total revenues of $761,591 from the accession of 878 billable samples, 27 percent fewer than the same quarter last year.

Biocept closed a $14.8 million public offering earlier this year and recently reported ending the second quarter with $2.6 million in cash and cash equivalents.

Highmark will examine the clinical and economic impact of Biocept's Target Selector liquid biopsy in patients with non-small cell lung cancer.

The company's test volume during the quarter shrank to just over 1,000 samples compared to 1,405 in the same period last year.

The company had previously said that it expected gross proceeds of up to $22.6 million if rights to all 25,000 securities units were exercised.

The company will work with researchers at UCSD's Moores Cancer Center on two studies of patients with breast, lung, and colon cancers.

The agreement extends the reach of Biocept's Target Selector testing to a large new region and brings its total reach to 17 countries outside the US.

Net proceeds from the exercise of subscription rights and warrants are anticipated to be $22.6 million, excluding any proceeds from the exercise of warrants.