Biocept Appoints RSM as Independent Auditor

Rhea-AI Summary

Biocept, Inc. (Nasdaq: BIOC) has appointed RSM US LLP as its new independent registered public accounting firm, effective June 24, 2022, succeeding Mayer Hoffman McCann P.C. (MHM). MHM's departure was not due to any disagreements, as their audit reports on Biocept's financial statements for 2020 and 2021 were unqualified. RSM has been recognized as the fifth-largest accounting firm in the U.S., enhancing Biocept's audit capabilities as it continues to provide molecular diagnostic assays for cancer treatment and monitoring.

Positive

• Appointment of RSM US LLP as independent registered public accounting firm enhances audit capabilities.
• RSM's fifth-largest ranking in the U.S. signifies strong market credibility.

Negative

• MHM's departure may suggest potential shifts in audit strategy or continuity concerns.

SAN DIEGO--(BUSINESS WIRE)-- Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, announces the appointment of RSM US LLP (“RSM”) as its independent registered public accounting firm effective June 24, 2022. RSM was recently ranked the fifth largest accounting, tax and consulting services firm in the U.S. for the 16^th straight year by Accounting Today.

RSM replaces Mayer Hoffman McCann P.C. (“MHM”), which notified the company on April 7, 2022 of its decision to decline to stand for re-appointment as the company’s independent registered public accounting firm. The decision by MHM was not the result of any disagreement with the company. MHM’s audit reports on the company’s financial statements as of and for the years ended December 31, 2021 and 2020 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

About RSM US LLP

RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment. RSM US LLP is the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with 51,000 people across 123 countries. For more information, visit rsmus.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.

About Biocept, Inc.

Biocept, Inc. develops and commercializes molecular diagnostic assays that provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers. Biocept has developed and is commercializing the CNSide™ cerebrospinal fluid assay that detects cancer cells that have metastasized to the central nervous system. Biocept’s patented Target Selector™ technology captures and quantitatively analyzes CSF tumor cells for tumor-associated molecular markers, using technology first developed for use in blood. Biocept also is leveraging its molecular diagnostic capabilities to offer nationwide COVID-19 RT-PCR testing to support public health efforts. For more information, visit www.biocept.com.

Forward-Looking Statements Disclaimer

This news release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to be correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this news release are not strictly historical, including, without limitation, statements as to the ability of CNSide to impact life expectancy and quality of life, our ability to establish CNSide as the new standard of care for the diagnosis of patients with suspected cancer metastasis to the CNS, our ability to expand our CSF testing menu for additional tumor types and biomarkers in the future, and our ability to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our Securities and Exchange Commission (SEC) filings. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this news release. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. Readers are advised to review our filings with the SEC at http://www.sec.gov/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220627005172/en/

Investor and Media Contact:

LHA Investor Relations

Jody Cain

Jcain@lhai.com, 310-691-7100

Source: Biocept, Inc.

FAQ

What prompted Biocept to change its independent accounting firm to RSM?

Biocept replaced Mayer Hoffman McCann P.C. due to MHM's decision to decline reappointment, which was not due to any disagreements.

What is the significance of RSM being ranked the fifth-largest accounting firm in the U.S.?

RSM's ranking enhances Biocept's credibility and suggests that they will receive quality audit services.

What were the results of Mayer Hoffman McCann's audits for Biocept?

The audits by MHM for the years ended December 31, 2020, and 2021 did not contain any adverse opinions or qualifications.