Biocept

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.

Excluding the impact of a one-time conversion from cash-based to accrual-based revenue recognition in 2017, year-over-year revenues were essentially flat.

The company saw a drop in its Q4 sample accessions compared to the same quarter last year, but posted increases in both testing and revenues for the full year.

After validating Thermo Fisher's Oncomine panels in Biocept's CLIA lab, the companies plan to offer liquid biopsy testing to the pharmaceutical industry.