Net proceeds from the offering of more than 4.9 million shares will be used for working capital and other general corporate purposes.
The trial aims to demonstrate the utility of Biocept's Target Selector PD-L1 assay in patients diagnosed with non-small cell lung cancer.
The company had $1.1 million in revenue during the quarter, a 10 percent increase year over year despite what the firm said was a 15 to 20 percent sales reduction due to recent hurricanes.
The Target Selector technology is designed to analyze both circulating tumor cell and circulating tumor DNA biomarkers from a blood sample.
Investigators will use Biocept's liquid biopsy tests to detect ALK rearrangements both at baseline and to monitor treatment response and resistance mechanisms.
VWR will act as the exclusive distributor for Biocept's liquid biopsy blood collection tubes everywhere in the world except China.
The liquid biopsy firm ran 1,405 tests in the second quarter and made progress on collecting payment from third-party health plans.
Biocept is also working with the buyer — a Hong Kong-based investment group — to explore strategic opportunities in China.
The company's total revenues were $1.7 million, including $897,000 in commercial testing revenue. Its test volume was up 38 percent.
Biocept's Target Selector liquid biopsy platform is designed to analyze both circulating tumor cell and circulating tumor DNA biomarkers from a blood sample.
The former commissioner of the FDA has returned to the venture capital firm New Enterprise Associates as a special partner on the healthcare investment team.
Astronauts have edited yeast genes on the International Space Station in an experiment designed to show how cells repair themselves in space.
Emory University has found that two of its researchers failed to divulge they had received funds from China, according to the Atlanta Journal-Constitution.
In Science this week: influence of the nuclear genome on human mitochondrial DNA, and more.