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The company will work with researchers at UCSD's Moores Cancer Center on two studies of patients with breast, lung, and colon cancers.
The agreement extends the reach of Biocept's Target Selector testing to a large new region and brings its total reach to 17 countries outside the US.
Net proceeds from the exercise of subscription rights and warrants are anticipated to be $22.6 million, excluding any proceeds from the exercise of warrants.
Excluding the impact of a one-time conversion from cash-based to accrual-based revenue recognition in 2017, year-over-year revenues were essentially flat.
The company saw a drop in its Q4 sample accessions compared to the same quarter last year, but posted increases in both testing and revenues for the full year.
After validating Thermo Fisher's Oncomine panels in Biocept's CLIA lab, the companies plan to offer liquid biopsy testing to the pharmaceutical industry.
The firm plans to use the $13.3 million in net proceeds to fund ongoing operations, expansions of its liquid biopsy business, and to service its indebtedness.
The company plans to use proceeds to support its ongoing operations, expansion of its business, and to service existing debts.
This is Biocept's third BCBS contract and enables cancer patients to access the company's testing services in network under their Wellmark health plans.
Net proceeds from the offering of more than 4.9 million shares will be used for working capital and other general corporate purposes.