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Biocept

The maker of cancer biomarker assays reported record revenues of more than $1 million in the quarter compared to $164,858 in the prior-year period.

The company sold 9.1 million shares of its common stock and warrants to purchase up to 9.1 million more shares at a combined offering price of $1.10 per share.

The company is offering 9.1 million shares of its common stock, as well as warrants to purchase up to 9.1 million additional shares.

The University of Minnesota's Shilpa Gupta will work with Biocept on a study aimed at providing clinical support for the use of the firm's PD-L1 and AR tests.

Teneovita will distribute Biocept's test services to hospitals, oncology centers, and individual medical practices throughout the country.

Testing will be performed by Biocept in the US, and HarlePhil Ventures will sell, market, distribute, and collect reimbursements in the Philippines.

The firm's second quarter revenues grew more than seven times year over year based on a large increase in billable samples.

The firm's total revenues increased 47 percent to $221,369 for the quarter, mainly driven by continued expansion of commercial liquid biopsy test volumes.

The company said that it intends to use the proceeds of the stock and warrant offering for working capital, as well as general corporate purposes.

Biocept hopes data from the study will support the clinical utility of its liquid biopsy test to detect drug resistance mutations in NSCLC.

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