Biocept

News items for the week of June 1, 2020.

The company was able to increase its total revenue and test revenues despite accessioning fewer samples and fewer billable samples during the quarter.

The company said it can now market test kits for both liquid biopsy and FFPE samples to labs in the EU and other participating geographies.

The company plans to use the proceeds to support a variety of general expenses, including research and development, administration, sales, marketing, and capital expenditures.

The company has also said it will begin performing SARs-CoV2 testing alongside its cancer tests using Thermo Fisher's EUA assay.

Q4 Revenue growth was driven by 46 percent growth in commercial test volume and 34 percent growth in average insurance reimbursement per patient.

The company expects that proceeds from this transaction, combined with another direct offering earlier this week and its current cash reserve, can support operations through the end of this year.

The firm has entered into a securities purchase agreement for the issuance and sale of 23 million shares of its common stock at $0.40 per share.

The firm is offering  24.6 million shares of its common stock and warrants to purchase 24.6 million shares of stocks to financially  support and expand its business.