Biocept Inc (NASDAQ:BIOC), which develops and commercializes molecular diagnostic assays, revealed new details about its plans to get its CNSide assay system off the ground in 2023.
Interim CEO Samuel Riccitelli told shareholders that the company decided that the best course of action is to further develop and commercialize CNSide while pursuing various options to extend its cash runway.
“I could not be prouder of my Biocept colleagues as together we have worked tirelessly to streamline operations, prioritize decisions to advance our corporate mission and carefully manage expenditures,” Riccitelli said in a statement.
“We are more convinced than ever that our proprietary CNSide assay will improve the lives of patients with cancers that have metastasized to the central nervous system.”
Over the past few months, San Diego-based Biocept implemented cost-efficiency measures such as enhancing laboratory operations, reducing services from outside vendors and lowering headcount by more than 40% after due to RT-PCR COVID-19 testing volume.
The firm said it also will require most of its academic center and hospital customers to enter into lab service agreements to maintain access to CNSide testing and expects full implementation over the next few months.
Additionally, the group has executed several regional in-network payor agreements that it said will allow for improved reimbursement for certain CNSide testing, according to Riccitelli.
“We are pleased to have opened enrollment in our FORESEE clinical trial, with the goal of generating clinical utility evidence that will support the incorporation of CNSide into clinical care guidelines, which we believe will significantly broaden both physician and payor adoption,” the CEO added. “We look forward to discussing our progress and providing updates on the FORESEE trial during a business update conference call planned for later this quarter.”
During the 2022 financial year, Biocept upped its research and development expenses to $6.2 million, compared with $5.0 million for 2021, to support the FORESEE clinical trial.
Biocept recorded net revenues of $25.9 million compared to $61.1 million in 2021. The decline was due primarily to lower RT-PCR COVID-19 testing volume and changes in implicit price concessions due to payor class changes, the company said in a statement accompanying the results.
The company reported a net loss of $32.1 million, or $1.89 per share, compared with a net loss of $2.8 million, or $0.19 per share, in the 2021 financial year.
Biocept ended the year with $12.9 million in cash.
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