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Biocept Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Biocept, Inc. (NASDAQ: BIOC) has granted an inducement stock option to purchase 134,550 shares of common stock to Darrell Taylor, its new Senior Vice President and General Counsel, on February 28, 2022. The exercise price is $2.39 per share, equal to the closing stock price on the grant date. This non-qualified stock option vests over four years, with 25% vesting on the one-year anniversary and the remaining 75% vesting monthly over 36 months, contingent on Mr. Taylor's continued service. Biocept specializes in molecular diagnostic assays for cancer treatment and monitoring.
Positive
Inducement stock option granted to enhance talent acquisition.
Stock option aligns executive interests with shareholder value.
Negative
Stock option could dilute shares if exercised.
Dependence on executive performance for value realization.
SAN DIEGO--(BUSINESS WIRE)--
Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, today announced that it has granted an inducement stock option to purchase 134,550 shares of its common stock to Darrell Taylor, its new Senior Vice President, General Counsel and Chief Compliance Officer. The inducement stock option has a grant date of February 28, 2022, and was granted as an inducement material to Mr. Taylor’s entering into employment with Biocept in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement stock option has an exercise price of $2.39 per share, the closing price of Biocept’s common stock on February 28, 2022, is a non-qualified stock option, has a ten-year term and vests over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the remaining 75% of the shares vesting in equal monthly installments over the following 36 months, subject to Mr. Taylor’s continued service with Biocept through the applicable vesting dates. The inducement stock option is subject to the terms and conditions of Biocept’s Amended and Restated 2013 Equity Incentive Plan.
About Biocept
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. In addition to its broad portfolio of blood-based liquid biopsy assays, Biocept has developed the CNSide™ cerebrospinal fluid assay that detects cancer that has metastasized to the central nervous system. Biocept’s patented Target Selector™ technology captures and quantitatively analyzes cerebrospinal fluid 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 during this unprecedented pandemic. For more information, visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.
Forward-Looking Statements Disclaimer
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although Biocept believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, Biocept can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “could,” “expect,” or “believe” or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this release are not strictly historical, including without limitation statements regarding the capabilities and potential benefits of Biocept’s CNSide assay and the ability of Biocept’s assays to provide physicians with clinically actional information, 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 risks and uncertainties, including the risk that Biocept’s products and services may not perform as expected. These and other risks are described in greater detail under the “Risk Factors” heading of Biocept’s Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2021, filed with the Securities and Exchange Commission (SEC) on February 15, 2022. The effects of such risks and uncertainties could cause Biocept’s actual results to differ materially from the forward-looking statements contained in this release. Biocept does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law. Readers are advised to review Biocept’s filings with the SEC, which can be accessed over the Internet at the SEC’s website located at www.sec.gov.
