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The company's stock will now trade on a split-adjusted basis on the Nasdaq after authorization for the split was approved by stockholders.
Although the firm has ramped up COVID-19 testing, its billable test volume and overall testing revenues both declined due to pandemic-related challenges to its core oncology business.
The firms are using the technology, previously employed by Biocept exclusively for blood-based cancer testing, to develop a highly sensitive COVID-19 diagnostic.
News items for the in vitro diagnostics industry for the week of June 22, 2020.
The company was able to increase its total revenue and test revenues despite accessioning fewer samples and fewer billable samples during the quarter.
The company said it can now market test kits for both liquid biopsy and FFPE samples to labs in the EU and other participating geographies.
The company plans to use the proceeds to support a variety of general expenses, including research and development, administration, sales, marketing, and capital expenditures.
The company has also said it will begin performing SARs-CoV2 testing alongside its cancer tests using Thermo Fisher's EUA assay.
Q4 Revenue growth was driven by 46 percent growth in commercial test volume and 34 percent growth in average insurance reimbursement per patient.
The company expects that proceeds from this transaction, combined with another direct offering earlier this week and its current cash reserve, can support operations through the end of this year.