Biocept Inc (NASDAQ:BIOC) has reported a 176% year-over-year jump in orders for its CNSide product, a cerebrospinal fluid assay addressing unmet needs for patients with central nervous system metastasis.
Commenting on its third-quarter results, Biocept CEO Samuel Riccitelli said the company was executing well on its strategy to generate further evidence to secure higher reimbursement for CNSide and support its adoption into clinical care guidelines.
“The first site in our FORESEE clinical trial is now open for patient enrollment and we expect at least one additional site to be cleared for enrollment in the coming months,” he said.
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Riccitelli also highlighted the company’s participation in an investigator-initiated study with leading breast cancer oncologists at the University of California San Francisco aimed at learning more about how metastatic breast cancer develops and progresses and that three posters featuring CNSide were presented by prominent neuro-oncologists at last week’s Society for Neuro-Oncology annual meeting.
For the three months ended September 30, the company reported net revenue of $5.6 million, including $4.7 million in RT-PCR COVID-19 test revenue, compared to revenue of $17.5 million, including $16.5 million in RT-PCR COVID-19 test revenue, for the same period last year.
During the period, Biocept had 49,874 commercial samples, compared with 152,796 commercial samples during the third quarter of 2021, with the company attributing the decline primarily to lower RT-PCR COVID-19 testing volume.
Biocept’s net loss for the quarter was $5.5 million or $0.33 per share compared to a net loss of $0.6 million or $0.04 per share in the third quarter of 2021.
The company said it will hold a conference call on Monday, November 28, at 4 pm Eastern time to discuss its 3Q results. Interested parties can register here.
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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