Biocept Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Biocept, Inc. (Nasdaq: BIOC) has granted stock options to purchase 38,250 shares of common stock to six new employees. These options, with an exercise price of $6.03 per share, are in compliance with Nasdaq Listing Rule 5635(c)(4) and vest over four years. Biocept, known for its molecular diagnostic assays for various cancers and COVID-19 testing, aims to leverage its proprietary technology for better patient treatment and monitoring.

Positive

• Stock options granted to six new employees indicate company growth and potential talent acquisition.
• Inducement stock options may aid in retaining skilled employees contributing to Biocept's growth.

Negative

• None.

Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, today announced that it has granted inducement stock options to purchase an aggregate of 38,250 shares of its common stock to six new employees. These inducement stock options have a grant date of February 28, 2021, and were granted as inducements material to the new employees entering into employment with Biocept in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement stock options have an exercise price of $6.03 per share, the closing price of Biocept’s common stock on February 26, 2021 (which is the last date preceding the grant date on which the closing price of Biocept’s common stock was reported), are non-qualified stock options, have a ten-year term and vest 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 the new employee’s continued service with Biocept through the applicable vesting dates. The inducement stock options are subject to the terms and conditions of Biocept’s Amended and Restated 2013 Equity Incentive Plan.

About Biocept

Biocept, Inc. is a molecular diagnostics company developing and commercializing assays for lung, breast, gastric, colorectal and prostate cancers, and melanoma. The Company uses its proprietary technology to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with cancer. The Company’s patented Target Selector™ molecular diagnostic technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells (CTCs) and in circulating tumor DNA (ctDNA). With thousands of tests performed, the platform has demonstrated the ability to identify cancer mutations and alterations to inform physicians about a patient’s disease and therapeutic options. Additionally, Biocept is offering nationwide COVID-19 polymerase chain reaction (PCR) testing to support public health efforts during this unprecedented pandemic. For additional information, please visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005253/en/

FAQ

What stock options did Biocept, Inc. grant recently?

Biocept, Inc. granted stock options to purchase 38,250 shares of its common stock to six new employees.

What is the exercise price of Biocept's stock options?

The exercise price of the stock options is $6.03 per share.

How long is the term for the stock options granted by Biocept?

The stock options have a ten-year term.

When do the stock options for Biocept employees vest?

The stock options vest over four years, with 25% vesting on the one-year anniversary of the vesting commencement date.