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

Rhea-AI Summary

Biocept, a provider of molecular diagnostic assays, announced the grant of inducement stock options for 49,040 shares to eight new employees, effective March 31, 2021. These options, priced at $5.09 per share, are non-qualified and will vest over four years. The grant adheres to Nasdaq Listing Rule 5635(c)(4), aiming to attract talent crucial for the company's growth. Biocept specializes in liquid biopsy assays and is developing a cerebrospinal fluid assay for metastatic cancer detection, enhancing its portfolio in molecular diagnostics.

Positive

• Granting of inducement stock options to attract new talent.
• Stock options priced at the market closing price, potentially aligning employee interests with shareholder value.
• Focus on expanding diagnostic capabilities with a new CSF assay for cancer.

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 49,040 shares of its common stock to eight new employees. These inducement stock options have a grant date of March 31, 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 $5.09 per share, the closing price of Biocept’s common stock on March 31, 2021 (the grant date), 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. 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 is developing and commercializing its cerebrospinal fluid (CSF) assay that detects cancer that has metastasized to the central nervous system. The Company’s CSF assay identifies molecular targets for clinical decision making and provides quantitative information for monitoring treatment response. Biocept’s patented Target Selector™ technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) with higher sensitivity and specificity than most commercial assays. Additionally, Biocept is leveraging its molecular diagnostic capabilities to offer nationwide COVID-19 RT-PCR testing to support public health efforts during this unprecedented pandemic. For additional information, visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210401005905/en/

FAQ

What stock options were granted by Biocept on March 31, 2021?

Biocept granted inducement stock options to purchase 49,040 shares of common stock to eight new employees.

What is the exercise price for the stock options granted by Biocept?

The exercise price for the stock options is $5.09 per share, which was the closing price on the grant date.

What is the vesting schedule for the stock options granted by Biocept?

The options vest over four years, with 25% vesting on the one-year anniversary and the remaining 75% vesting monthly over the subsequent 36 months.

What is Biocept's core business focus?

Biocept specializes in molecular diagnostic assays for cancer treatment and monitoring and is developing a cerebrospinal fluid assay.