Biocept, Inc. - BIOC STOCK NEWS

Biocept, Inc. (NASDAQ: BIOC) has granted inducement stock options to 44 new employees, totaling 519,140 shares. Notably, Chief Operations Officer Philippe Marchand received an option for 150,000 shares. These options have a grant date of March 31, 2022, with an exercise price of $2.32 per share, equal to the stock's closing price on that date. The options vest over four years, aligning with Nasdaq Listing Rule 5635(c)(4). Biocept specializes in molecular diagnostic assays for cancer treatment and monitoring, further expanding its workforce to enhance its operational capacity.

Biocept reported a strong financial performance for 2021 with net revenues of $61.2 million, a 123% increase year-over-year. The fourth quarter net revenues were $14.0 million, primarily driven by RT-PCR COVID-19 testing, despite a decrease from the previous year. Operating cash flow for the year was $3.7 million, and cash reserves stood at $28.9 million by year-end. The company continues to expand its CNSide™ customer base and aims to establish it as a standard in cancer therapy monitoring, with a clinical study planned for later in 2022.

Biocept, Inc. (Nasdaq: BIOC) reported unaudited net revenue of $61.2 million for 2021, marking a 123% increase from the previous year, primarily driven by RT-PCR COVID-19 testing. However, a decline in testing demand is anticipated as the pandemic evolves. Biocept experienced sequential-quarter growth for its CNSide™ assay in Q4 2021. As of December 31, 2021, the company had cash reserves of approximately $28 million. An ongoing accounting review has led to a late filing notification for its Annual Report, with expected filing by April 15, 2022.

Biocept, Inc. (NASDAQ: BIOC) announced it will release its financial results for the three and twelve months ended December 31, 2021, on March 31, 2022, filing its Annual Report on Form 10-K with the SEC. Notably, management will not conduct a conference call for the fourth quarter and full year results. The upcoming financial results for the three months ended March 30, 2022, will be revealed in mid-May 2022, along with a conference call to discuss the company's revised business strategy and near-term milestones.

Biocept has appointed Philippe Marchand, Ph.D. as the new Chief Operating Officer, effective immediately. Dr. Marchand will lead the advancement of the company’s strategic goals and oversee operations for the CNSide™ cerebrospinal fluid assay, aimed at improving treatment for patients with metastatic brain cancers. His extensive experience includes previous roles at Biosplice Therapeutics and Genoptix, where he contributed significantly to diagnostics and commercialization efforts. The company aims to establish CNSide as the standard-of-care for brain cancer diagnostics.

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.

Biocept, Inc. (NASDAQ: BIOC) presented its CNSide cerebrospinal fluid assay at the Molecular & Precision Med Tri-Con meeting in San Diego, highlighting its role in improving treatment for metastatic brain cancer. The assay enables real-time monitoring of treatment response and identification of molecular targets, addressing limitations of traditional methods. This innovation is crucial for evaluating therapeutic efficacy in clinical trials, potentially enhancing patient care in leptomeningeal disease. The presentation was given by Dr. Michael Dugan, Chief Medical Officer.

Biocept, Inc. (NASDAQ: BIOC) announces key leadership changes, appointing Samuel D. Riccitelli as Interim President and CEO and Antonino Morales as Interim CFO, succeeding Michael W. Nall and Timothy C. Kennedy, respectively. M. Faye Wilson has been named Lead Independent Director. The new leadership is expected to focus on the clinical validation of the CNSide™ assay for metastatic cancer detection while continuing to serve COVID-19 testing clients. Riccitelli, with over 35 years in healthcare, has led various organizations, while Morales brings 30 years of financial and operational expertise.

Biocept (NASDAQ: BIOC) has appointed Darrell Taylor as Senior Vice President, General Counsel, and Chief Compliance Officer. With over 30 years in healthcare, Taylor will oversee legal, compliance, and privacy initiatives, reporting to President and CEO Michael Nall. Taylor's extensive background includes a role at Precision Diagnostics and leadership positions in clinical laboratory operations. He aims to advance Biocept's oncology business and COVID-19 testing services. The company specializes in molecular diagnostic assays, including the CNSide™ assay for metastatic cancer.