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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.
The trial aims to demonstrate the utility of Biocept's Target Selector PD-L1 assay in patients diagnosed with non-small cell lung cancer.
The company had $1.1 million in revenue during the quarter, a 10 percent increase year over year despite what the firm said was a 15 to 20 percent sales reduction due to recent hurricanes.
The Target Selector technology is designed to analyze both circulating tumor cell and circulating tumor DNA biomarkers from a blood sample.
Investigators will use Biocept's liquid biopsy tests to detect ALK rearrangements both at baseline and to monitor treatment response and resistance mechanisms.
The liquid biopsy firm ran 1,405 tests in the second quarter and made progress on collecting payment from third-party health plans.
Biocept is also working with the buyer — a Hong Kong-based investment group — to explore strategic opportunities in China.