Benzinga - by Vandana Singh, Benzinga Editor.
Biocept Inc (NASDAQ: BIOC) filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
In a document filed with the U.S. Securities and Exchange Commission, the company said it is filing its petition after considering strategic alternatives.
Antonino Morales resigned as the company's president and CEO, while Marsha Chandler, Bruce Gerhardt, Quyen Dao-Haddock, Ivor Royston, and Linda Rubinstein resigned from Biocept's board of directors on the same day.
A Chapter 7 bankruptcy discharge absolves the company from the legal obligation to repay most unsecured debts such as credit cards and personal loans.
In January this year, Biocept began exploring and evaluating strategic alternatives to enhance shareholder value. Biocept engaged EF Hutton, a division of Benchmark Investments Inc., as its financial advisor to assist in this process.
Biocept implemented a restructuring plan that includes reducing staff by approximately 35%.
In August, Biocept reported that its second-quarter (Q2) fell to $589,000 from $5.8 million a year ago on lower COVID-19 testing volume, while its net loss narrowed to $3.6 million, or $3.50 per share, from $10 million, or $17.82 per share, a year ago.
Commercial accessions delivered in Q2 2023 dropped to 322 from 77,779 a year ago.
Last month, Biocept signed a deal with Plus Therapeutics Inc (NASDAQ: PSTV) CNSide, which expands the comprehensive laboratory services agreement between the two companies that was announced in June 2022.
Price Action: BIOC shares are down 46.1% at $0.55 on the last check Monday.
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