Biocept Inc (NASDAQ:BIOC) announced that it has ended its first quarter of 2023 with $6.8 million in cash as of March 31, 2023, while saying its cost-control measures put in place over the past year continued to drive down expenses.
The San Diego-based provider of molecular diagnostic assays noted that its general and administrative expenses for 1Q decreased to $3.0 million from $6.3 million a year earlier.
“I’m exceptionally pleased with the progress being made with our FORESEE clinical trial, which is specifically designed to generate evidence of CNSide’s clinical utility to support adoption into clinical care guidelines and further broaden physician use,” Biocept interim CEO Samuel Riccitelli said in a statement.
“Trial enrollment is running well in line with our plan, and we’ve now activated clinical sites in Dallas, Los Angeles and the San Francisco Bay Area,” he added.
Riccitelli also stated that in the company’s quest to gain further physician and payor acceptance, it submitted an article to a peer-reviewed journal describing its assay, its attributes, and the work to demonstrate CNSide’s performance validity.
The Biocept interim CEO added that he expects two additional manuscripts to be submitted for peer-review later this year by leading neuro-oncologists detailing their experience with CNSide through case study reports.
For its first quarter of 2023, the company generated net revenues of $0.7 million, compared with $19.9 million during the same period last year, as Biocept ceased providing COVID-19 testing services in February 2023.
It also recorded a net loss of $7.1 million during the quarter.
Biocept develops and commercializes molecular diagnostic assays that provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers.
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