Biocept Inc (NASDAQ:BIOC) made public that its OncoCEE-BR drug in a prospective study performed at Columbus University. The drug is a blood-based diagnostic used to realize the hormonal status of metastatic breast cancer patients. Estrogen receptors are used as a signal for breast tumors to grow in 75% of the patients. The drug targets it with anti-estrogen therapy and the trails have proven that it is effective on this particular sub-set of breast cancer patients.
Important Breast Cancer Study
Biocept Inc (NASDAQ:BIOC) seeks to understand how the hormone receptor acts at the time of diagnosis. It also seeks to understand if it is relevant to the occurrence of metastasis to assist the patient in realizing treatment and also how that treatment will perform. The study is proprietary CTC isolation platform will state the ER and PR status via a blood sample from the woman suffering from metastasis. The blood samples were compared between tumor biopsy and hormonal status to reveal results.
The result was a high concordance of testing between CTC’s and the testing of metastatic tissues. The results may also be effective in understanding the patients HR status compared to a traditional tissue biopsy.
The company also recently used a private offering of its stock to raise capital. Biocept Inc (NASDAQ:BIOC) sold 8 million shares and warrants at a price of $1.25. The proceeds are expected to over $10 million. The underwriters have a 45-day option to purchase another 1.2 million shares in order to cover any over-allotments. The company operates in the oncology diagnostics industry. It has developed proprietary technology that is a cutting-edge and shows promise in the fight against breast cancer. Its flag ship products are OncoCEE-BRTM and OnceCEE-GATM. These focus on the specific breast cancer issues.
The stock recently ran up on the news of the studies success. It hit its high and then settled back in, failing to break through resistance at $3.50.