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Biocept Reports Second Quarter 2019 Financial Results

Vlad Poptamas

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Biocept, Inc. (NASDAQ: BIOC), a leading commercial provider of liquid biopsy tests designed to provide physicians with clinically actionable information to improve the outcomes of cancer patients, reports financial results for the three and six months ended June 30, 2019, and provides an update on its business progress.

“I’m pleased to report another quarter of strong performance with revenues increasing 45% over the prior-year quarter, as we continue to execute on our new commercial strategy,” said Michael Nall, President and CEO of Biocept.  “Growth was driven by a 26% year-over-year increase in commercial samples, as we focused our commercial efforts on segments of the liquid biopsy oncology market where Target Selector™ can help the most patients, namely in prostate, breast, and lung cancers. Most importantly, we are helping more patients as our billable samples accessioned per sales day entering the third quarter increased approximately 50% from the beginning of the year.

“We have now launched two tumor-specific panels developed in collaboration with Thermo Fisher Scientific,” he added.  “These products, Target Selector™ NGS Lung Panel and Target Selector™ NGS Breast Panel, combine Thermo Fishers’ state-of-the-art Ion Torrent™ next-generation sequencing (NGS) platform with our CLIA laboratory and commercial infrastructure, as well as our expertise in blood sample preservation and DNA/RNA isolation.  Biocept is the only commercial liquid biopsy company offering both circulating tumor cell (CTC) and circulating tumor DNA (ctDNA) analysis with both single-gene and multi-gene offerings.

“I’m also pleased to report that our initiative with Prognos has advanced to the next phase as we are beginning to supply them with de-identified information in real time.  We believe this partnership will allow us to commercialize data generated from our liquid biopsy testing, with Prognos applying its artificial intelligence technology to its repository of more than 20 billion laboratory records to help life science and pharmaceutical companies develop and market targeted therapies.  We are pleased to be the first liquid biopsy company to strike a partnership with Prognos,” he concluded.

Review of Second Quarter and Recent Highlights

Commercial Business

  • Launched Target Selector™ NGS Lung Panel and Target Selector™ NGS Breast Panel, the Company’s first two multi-gene liquid biopsy panels, differentiating Biocept as the only commercial liquid biopsy provider of single-biomarker testing, tumor-specific panels and CTCs analysis. The NGS Panels run on Thermo Fisher Scientific’s Ion Torrent™ NGS platform and are being marketed to physicians and researchers for the detection and monitoring of actionable biomarkers associated with these tumor-specific cancers.

Commercial Agreements

  • Announced an agreement with Beacon Laboratory Benefit Solutions, Inc. designating Biocept as a BeaconLBS® Lab-of-Choice. Beacon Laboratory is a nationally recognized provider of laboratory benefit management technology solutions to U.S.-based health and managed care companies, and the designation increases patient access to Biocept’s liquid biopsy testing platforms.

Intellectual Property

  • Awarded a patent in China covering methods and devices for the capture of rare cells of interest, including CTCs, that are shed into the bloodstream by solid tumors in which an antibody or mixture of antibodies and a microchannel are used for cell capture, detection and analysis. This patent covers the use of any biological sample type of interest.

Second Quarter Financial Results

Revenues for the second quarter of 2019 were $1.2 million, a 45% increase from $822,000 for the second quarter of 2018.  Revenues for the second quarter of 2019 included $1.1 million in commercial test revenue, $45,000 in development services test revenue, $28,000 in revenue for Target Selector RUO kits, which were commercially launched in early 2019, and CEE-Sure blood collection tubes.  Revenues for the second quarter of 2018 included $771,000 in commercial test revenue and $51,000 in development services test revenue.

Biocept accessioned 1,066 commercial samples during the second quarter of 2019, a 26% increase compared with 849 commercial samples accessioned during the second quarter of 2018.  The Company accessioned 1,211 billable samples in the second quarter of 2019, compared to 996 billable samples for the second quarter of 2018.

Cost of revenues for the second quarters of 2019 and 2018 was unchanged at $2.7 million, as we continued to leverage the fixed components of our costs.

Research and development (R&D) expenses for the second quarter of 2019 were $1.1 million compared with $1.0 millionfor the prior-year period, with the increase primarily due to the development and validation of the recently launched Target Selector™ NGS Lung and Target Selector™ NGS Breast liquid biopsy panels, as well as investments in automation.  General and administrative (G&A) expenses for the second quarters of 2019 and 2018 were unchanged at $1.7 million.  As a percentage of revenue, G&A expenses during the quarter were down 67% as compared to the same period last year as the Company continues with its cost containment program. Sales and marketing (S&M) expenses for the second quarter of 2019 were $1.6 million compared with $1.4 million for the second quarter of 2018, with the increase primarily attributed to higher volume and revenue. Despite the increase in costs, S&M expenses as a percentage of revenue were down 39% compared to the same period last year.

Other expenses for the second quarter of 2019 were $1.8 million, which were made up entirely of non-cash warrant inducement expenses associated with recognizing the fair value of the inducement warrants issued in May 2019.

The net loss for the second quarter of 2019 was $7.8 million, inclusive of the previously mentioned non-cash warrant inducement expenses of $1.8 million, or $0.38 per share on 20.5 million weighted-average shares outstanding. This compares with a net loss for the second quarter of 2018 of $6.2 million, or $2.70 per share on 2.3 million weighted-average shares outstanding. The Company conducted a 1-for-30 reverse stock split of its outstanding common stock, which was effective in July 2018.

Six Month Financial Results

Revenues for the first six months of 2019 were $2.2 million, a 36% increase from $1.6 million for the first six months of 2018, and included $2.1 million in commercial test revenues, $87,000 in development services test revenues and $33,000 in revenues for Target Selector RUO kits, which were commercially launched in early 2019, and CEE-Sure blood collection tubes.

Operating expenses for the first six months of 2019 were $14 million, and included cost of revenues of $5.3 million, R&D expenses of $2.4 million, G&A expenses of $3.4 million and S&M expenses of $3.0 million.

The net loss for the first six months of 2019 was $13.8 million, inclusive of the previously mentioned non-cash warrant inducement expenses of $1.8 million, or $0.83 per share on 16.7 million weighted-average shares outstanding.  This compares with a net loss for the first six months of 2018 of $12.5 million, or $5.97 per share, on 2.1 million weighted-average shares outstanding.

Biocept reported cash and cash equivalents as of June 30, 2019 of $12.6 million, compared with $3.4 million as of December 31, 2018.  The increase was due to $17.0 million in net proceeds from equity capital raises conducted in the first quarter of 2019, and $4.9 million from the exercise of common stock warrants in the second quarter of 2019.

 

SOURCE Biocept, Inc.

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Artificial Intelligence

Malta AIBC Summit secures largest crowd for 2019

Alexandru Marginean

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6000+ to attend Europe’s premier event for blockchain, AI, and emerging tech

 

Malta AI & Blockchain Summit will be Europe’s largest event for the blockchain, AI, and emerging tech sectors, it was today confirmed by events company SiGMA Group – the team behind the forward-looking business technology expo.  More than 6000 are expected to attend the show, taking place on 7th and 8th November at the Intercontinental Hotel in St Julian’s, Malta.

Many delegates will likely be attending the various conferences and workshops at AIBC Summit, which have always been extremely popular.  Headline topics will include the Future of Fintech, Business and Emerging Tech, Innovation, and of course, Regulation. Leading the discussions will be Joseph Muscat (Malta Prime Minister), Silvio Schembri (Malta Financial Services, Digital Economy and Innovation), Anthony Pompliano, AKON, Ian Balina, Matt Greenspan, Yorick Wilks, David Orban, Miko Matsumura, Grace Rachman, Tim Draper, Virgil Griffith, and Alfio Bardolla.

In addition to this enviable schedule of engaging content, the AI Start-up pitch will highlight 10 of the best Start-ups at the conference (there will be 100 or more in the Start-up village).   Each of these 10 companies will pitch their concepts and services to a panel of judges, with one set to win a business-supporting package for the year.

The AIBC Awards on 7th November will be a glittering celebration of the best of the best in the worlds of AI, blockchain, tokenisation, robotics, IoT, and more.  A charity event will wrap up the evening, with the intention of raising a 5 figure sum for the SiGMA Foundation’s global activities to help those in need.

Finally, this year’s show also adds glitz and glamour to the proceedings, courtesy of Grammy Awards-winning artist Akon, who will be delivering a keynote on the main stage about his West African AKOIN project, as well as performing at the extravagant closing night on Friday 8th November.

Eman Pulis, CEO & founder of SiGMA Group and AIBC Summit, said, “We’re so excited to bring this third edition of AIBC Summit to fruition in November.   Alongside the latest government initiatives to further establish Malta as Europe’s leading hub for technology, our wider Malta Week activity will develop the synergy between the blockchain and medical cannabis sectors, offering a profitable new direction for smart DLT investors.  It’s set to be a busy but successful week for everyone!”

– ends –

For sharing in social media, please use the handle: @AIBC Summit

Telegram: https://t.me/maltablockchainsummit

Hashtags: #AIBCsummit #BlockchainIsland

For further information, please contact: pr@maltablockchainsummit.com 

About AIBC:

Malta AI & Blockchain Summit is a bi-annual expo covering topics relating to the global sectors for blockchain, AI, Big Data, IoT, and Quantum technologies.  The event includes conferences hosted by globally renowned speakers, workshops for industry learning and discussion, an exhibit space accommodating more than 400 brands and much more.

The first Malta Blockchain Summit took place in November 2018 at the Intercontinental Hotel in St Julians, Malta, attracting 8,500 attendees from over 80 countries worldwide, with 300 sponsors and exhibitors, 200 speakers, and No. 1 AI VIP (Sophia the world’s first robot citizen). With strong support from the Maltese government, the event has quickly established itself as one of the world’s leading destinations for the growing sectors of AI, Blockchain and DLT, IoT, and other vertical industries. At the 2018 event the Maltese government introduced 3 new bills to support the growth of the sector and promoting Malta as the “Blockchain Island”.

AIBC Summit Official Channel:

https://t.me/maltablockchainsummit

 

AIBC Summit Official Group:

https://t.me/joinchat/OldghxVZWtOj_FedxyL

 

AIBC Media Group:

https://t.me/joinchat/NBq9J1Qq6rjR6aUrZohq1w

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Artificial Intelligence

How Technology Is Tackling Environmental Challenges

Alexandru Marginean

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Photo by Iewek Gnos on Unsplash
Reading Time: 5 minutes

Technology is quickly changing the way in which us humans live, talk, work, and react with  the world around us. The speed in which technology is being produced shows that there are  no limitations to what can be achieved. With the development of devices that are able to work independently and mimic the action of humans, such technology can aid, enhance and conduct necessary actions. With the health of the planet in detrimental condition, can the latest advances in technology be used to aid and support the reclining health of the world?    

 

The hunt for new development and smarter ways of living, is continually being researched.  With man-made technology unable to replace the world’s ecosystem, it can, however, play a crucial role in environmental degradation. Technology can change the way in which human’s identify, track and value what the environment provides, hopefully helping to slow down climate change that is occurring rapidly around us.

Below are some of the most recent advances in technology and how they too can be used to help save the environment and make a positive change.

 

Artificial Intelligence tracking

It may be hard to believe that animals and the habitats in which they live can make a huge difference to the health of the world we live in. Through the deforestation of the Amazon and the reduced number of wildlife that call this environment their home, the breakdown of the species living within the rainforest is severe, as they all play a part in keeping our ecological system alive and healthy.

One thing that is evident to everyone, however, is the fast-moving breakdown and extinction  of animals all around the world, with more than 10,00 species becoming extinct each year, due to human activity such as deforestation or poaching.

However, there is hope on the horizon. With advancements being made within Artificial Intelligence, there is a high chance that the technology will be able to track animals within their natural habitats. This will not only allow us to study the exciting and private lives of various animals, but also locate and pinpoint their exact location before deforestation and hunting can occur.

Being able to track the species at all times will avoid the death of so many important animals, while helping our ecosystem stay alive and well for the health of the world around us.

 

Renewable Energy Sourcing

One of the most significant ways that technology can contribute to saving the environment is through the creation of a sustainable energy source.

With the inventory of fossil fuels running low, the need to find a green and environmentally friendly substitute is important, more so than ever before.

Generating energy with the use of technology is a far more flexible and eco-friendly way of powering the ever growing world. Although a long process, when it comes to developing systems that work, finding the correct location, is equally as important. Energy Procurement, such as wind turbines and solar panels, are already two popular forms of technology that can be used to help generate energy. Realistically, more renewable energy options are needed in order to reduce and replace the use of fossil fuels altogether.

Sustainable energy sources work by using the sun, wind and even the tides. All natural sources whose energy can be harnessed to generate and power industries, while helping to nurture the health of the surrounding environment.

 

Thermal Cameras To Combat Poaching

The poaching of animals has drastically become a sport and form of income for many people around the world. The killing of animals, whether for their fur, tusks or skin sometimes can be the only form of income for many poachers and has become a big industry in East Asia, but also Africa. Although not always conducted out of pleasure, the poaching of animals has caused an effect on the surrounding environment, by removing a key part in the natural hierarchy. All animals, no matter how big or how small, all play a role in feeding and caring for the earth. By taking away this process, it can reduce their impact on both the ecosystem, but also their role in the nitrogen cycle.

Technology, however, is being used to help capture poachers and diminishing the trade that comes as a consequence of poaching. The way in which technology can be used, is by rangers using thermal imaging to help identify the criminals in the dark and catching and intercepting before they are able to conduct their wicked crimes.

Through the ability of being able to see in the dark, without this useful tool, rangers would not be able to closely inspect individuals within nature reserves, and the rate of animal deaths would increase drastically.

 

Cleaning Land And Oceans

One of the biggest challenges that the world has placed on itself is the production of waste and where it stores it. With our homes overrun with plastic, it is often unnecessarily used to store and transport products, such as food and clothing. With the population not sticking to the recycling rules nor making a conscious effort to reduce their plastic waste, more and more waste each year is finding itself in both landfills and in the ocean.

With a high volume of plastic waste making its way into the oceans, the surrounding ecosystems are being quickly damaged, from the chemicals emitted from the plastic, but also from the animals ingesting the rubbish.

An example of technology being used to help tackle the ever growing problem of plastic waste in our wide oceans and one example can be seen as the Dutch organisation “Ocean Cleanup”.

Ocean Cleanup, a non-profitable organisation have created a device that can sail itself 600 meters into the pacific, while making sure that it picks up as much plastic waste as possible, removing it from the ocean. The technology this group created, is propelled by the wave and wind power in order to continuously have the energy to help propel and function the boat.

Aside from this invention, designers are trying to find innovative ways to reuse the waste produced every day, helping to prevent it from washing up on our beaches or finding its way in the stomachs of large sea mammals.

 

Summary

With the environment under an intense amount of pressure, the future health of the Earth looks uncertain. However, continual advances are being made in technology, where these developments can be used to help support and nurture the environment.

With devices already created to help stop deforestation, extinction and saving the environment from waste; there is no limitations of what other developments could be created through the rise of technology advancements, helping to save the planet further.

The challenges created in the environment have quickly become too powerful for humans to control, so technology is needed more so now than ever, in order to tackle these issues in haste.

As a population, while we wait for these advances in technology to be created, we can all make a conscious effort to reduce the amount of waste and damage that we create to the surrounding environment. Whether it be monitoring the amount of unnecessary plastic that we use, to taking time out of our day to walk instead of driving. By making small changes in our routine, we too can help tackle small environmental challenges within our everyday lives.

 

About the author: Sydney Tierney just recently finished her studies; is working her way into the world of content writing as a digital marketing assistant. She writes for clients that specialise in workstations, wedding bands and energy procurement

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Artificial Intelligence

Kaon Interactive Adds Five Multi-Billion-Dollar Revenue Clients to Its Enterprise Roster

Alexandru Marginean

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Source: aithority.com
Reading Time: 2 minutes

Kaon Interactive, the leading provider of 3D interactive marketing and sales applications for global B2B brands, today announced the continued global growth in adoption of its Kaon High Velocity Marketing Platform®, including the recent addition of five new multi-billion-dollar enterprise clients. Kaon’s high-impact sales and marketing applications help global B2B companies more effectively communicate why their products/solutions are more valuable, across the entire buyers’ journey. Kaon’s solutions drive sustained increases in sales and reduced marketing costs, leading Kaon to be named one of the Most Reputable Companies in the country by The Silicon Review.

With a consistent double-digit percentage growth in revenue year-over-year, Kaon Interactive continues to expand its relationships with existing clients and extend its distinguished list of visionary clients, including a sizable portfolio of Global 500 companies. Each company has asked Kaon to create, deploy, and maintain a diverse range of sales and marketing applications that include interactive storytelling, 3D product tours, Augmented Reality and Virtual Reality experiences.

New customers include:

  • Amazon Web Services (AWS) – a subsidiary of Amazon that provides on-demand cloud computing platforms to individuals, companies, and governments, on a metered, pay-as-you-go basis.
  • Förch – one of Europe’s leading direct selling companies for workshop, installation, and fastening products for trade and industrial companies.
  • Entegris – provides solutions that purify, protect and transport critical materials used in the semiconductor manufacturing process.
  • Nokia – develops and delivers the only end-to-end portfolio of network equipment, software, services and licensing that is available globally, including IP routers, optical transport, and SD-WAN technology.
  • Juniper Networks – a leader in secure, AI-driven networks for Service Providers, Cloud Providers and Enterprise Customers, delivering industry-leading networking, automation, cloud software, and security solutions.

Amazon Web Services (AWS) deployed Kaon’s application on interactive touch appliances at AWS re: Invent to show the breadth and depth of its Global Cloud Infrastructure story. The effectiveness was evidenced by more than 1,200 interactions at the show. Shortly thereafter, AWS added the application to its website, generating an increase of 180,000 interactions in the first week alone.

In addition to its growing client roster, Kaon Interactive was also recognized among “The 30 Most Reputable Companies” by The Silicon Review, the world’s most trusted online and print community for business professionals. The recognition speaks to Kaon’s continued dedication to innovative sales and marketing solutions that move the needle.

“As people and companies have changed how they consume information and make buying decisions, marketers have had to adapt quickly,” said Dana Drissel, Vice President of Marketing at Kaon Interactive. “This rapid pace of change has made traditional sales and marketing tactics obsolete. Kaon’s growth is directly tied to our ability to help customers achieve digital transformation and innovation in how they engage with customers. We focus on delivering sustained value for our clients over the long term, so we’re honored to be recognized by The Silicon Review as one of the most reputable companies in the country.”

About Kaon Interactive
Kaon Interactive is a B2B software company. Kaon’s interactive sales and marketing applications simplify complex product and solution stories in a visually engaging way anywhere, anytime, turning prospects into customers. The company’s interactive 3D sales and marketing applications transform product and solution marketing content into visual storytelling experiences to deepen customer engagement, reduce marketing expenses and accelerate the sales cycle. More than 5,000 Kaon Interactive applications are being used worldwide at trade shows, remote sales demonstrations, product launches, executive briefing centers, and websites by leading global product manufacturing companies. For more information about Kaon, visit www.kaon.com.

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