The company saw $1.0 million in revenues for the quarter, including $976,000 from commercial testing, and attributed the growth to its pathology partnership initiative.
The firm saw total revenues of $859,526 for the three months ended Dec. 31, 2018 compared to $995,226 in the same period of 2017.
Last month, the company said it was planning a $7.5 million public offering of 6.25 million shares and warrants for another 6.25 million shares.
Biocept will use its liquid biopsy assay to test cerebrospinal fluids of patients diagnosed with certain cancers and then compare results to standard methods.
Biocept is offering 6.25 million shares of its common stock and warrants to purchase up to 6.25 million shares of the common stock at a combined price $1.20 per share and warrant.
Based on the results, the UAE-based lab would become Biocept's first customer to use the kits clinically, accepting samples from the Middle East, Africa, and Asia.
The company is now offering 3.6 million shares and warrants to purchase additional shares at an assumed combined price of $2.11 per share and related warrant.
The company has agreed to sell approximately 990,000 shares at a price of $2.25 per share, yielding about $2.2 million in gross proceeds.
The expected net proceed are now $5.4 million, down from an earlier anticipated $9.1 million. Investors reacted negatively to the news today.
Each share comes with an accompanying warrant to purchase one share of common stock. Biocept expects to use proceeds to fund ongoing operations.