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Biocept Q2 Revenues Fall 60 Percent

NEW YORK (GenomeWeb) – Biocept today reported a 60 percent drop in its second quarter revenues.

In a Form 10-Q filed with the US Securities and Exchange Commission, the San Diego-based company said that for the three months ended June 30, revenues fell to $19,245 from $48,369 in the year-ago quarter. The decline, it said, resulted primarily from lower sample volume related to a collaboration with the Dana-Farber Cancer Institute that is approaching completion.

Biocept's net loss for the quarter was $3 million, or $.67 per share, compared to a net loss of $2 million, or $10.83 per share in Q2 2013. In the recently completed quarter, the firm used approximately 4.4 million shares to calculate its loss on a per-share basis, compared to 182,304 shares in the year-ago period. Biocept went public in February with an offering of 1.9 million shares.

The company said it had $12.5 million in cash and cash equivalents as of the end of Q2. In May Biocept entered into a $10 million loan and security agreement with Oxford Finance.

In afternoon trading on Monday, shares of Biocept were down about 4 percent on the Nasdaq at $4.70.