SAN DIEGO, July 16, 2020 /PRNewswire/ -- Biocept, Inc.
(Nasdaq: BIOC), a leading commercial provider of molecular
technologies designed to provide physicians with clinically
actionable information to improve the outcomes of patients with
cancer, announces that Institutional Shareholder Services (ISS) and
Glass Lewis & Co. (Glass Lewis) both have recommended that
stockholders vote in favor of Biocept's proxy proposal to authorize
a reverse stock split of Biocept's common stock, as further
described in Biocept's Proxy Statement for its 2020 Annual Meeting
of Stockholders. This item is Proposal 4 on the Biocept's proxy
card (the "Proposal").
ISS and Glass Lewis are two leading independent, third-party
proxy advisory firms that, among other services, provide proxy
voting recommendations to pension funds, investment managers,
mutual funds and other institutional shareholders.
Biocept's board of directors has recommended a vote FOR the
Proposal, which will authorize Biocept's board of directors to
amend Biocept's Certificate of Incorporation to effect a reverse
split of Biocept's common stock at a ratio in the range of 1:5 to
1:30, as determined by Biocept's board of directors. The
reverse stock split proposal is intended to increase the per-share
trading price of Biocept's common stock to satisfy the $1.00 minimum closing bid price requirement for
continued listing on Nasdaq. Biocept's board believes that
maintaining Biocept's Nasdaq listing may provide a broader market
for Biocept's common stock than if Biocept's common stock were
delisted from Nasdaq, and could help in generating interest in
Biocept among investors. Biocept has until December 7, 2020 to satisfy the Nasdaq
$1.00 minimum closing bid
requirement. If Biocept has not regained compliance with the
closing bid price requirement by that time, its common stock will
be subject to delisting from Nasdaq.
Voting on the Proposal will be open through the conclusion of
Biocept's 2020 Annual Meeting of Stockholders, which will reconvene
on July 31, 2020 at 1:30 p.m. Pacific time. Biocept stockholders
as of April 20, 2020, the record date
for the Annual Meeting, are invited to attend the reconvened
virtual Annual Meeting by registering at
https://www.proxydocs.com/branding/964314/edocs/2020/issuer/. The
deadline to register is July 29, 2020 at 5:00 p.m. Eastern time.
Stockholders can vote prior to the reconvened Annual Meeting
online at
https://www.proxydocs.com/branding/964314/edocs/2020/issuer/ or by
phone at 833-782-7147.
About Biocept
Biocept is a molecular diagnostics
company with commercialized assays for lung, breast, gastric,
colorectal and prostate cancers, and melanoma. Biocept uses its
proprietary liquid biopsy technology to provide physicians with
clinically actionable information for treating and monitoring
patients diagnosed with cancer. Biocept's patented Target Selector™
liquid biopsy technology platform captures and analyzes
tumor-associated molecular markers in both circulating tumor cells
(CTCs) and in circulating tumor DNA (ctDNA). With thousands of
tests performed, the platform has demonstrated the ability to
identify cancer mutations and alterations to inform physicians
about a patient's disease and therapeutic options. Additionally,
Biocept is offering nationwide COVID-19 polymerase chain reaction
(PCR) testing to support public health efforts during this
unprecedented pandemic. For more information, please visit
www.biocept.com.
Forward-Looking Statements Disclaimer Statement
This
release contains forward-looking statements that are based upon
current expectations or beliefs, as well as a number of assumptions
about future events. Although we believe that the expectations
reflected in the forward-looking statements and the assumptions
upon which they are based are reasonable, we can give no assurance
that such expectations and assumptions will prove to have been
correct. Forward-looking statements are generally identifiable by
the use of words like "may," "will," "should," "could," "expect,"
"anticipate," "estimate," "believe," "intend," or "project" or the
negative of these words or other variations on these words or
comparable terminology. To the extent that statements in this
release are not strictly historical, including without limitation
statements regarding the ability of our tests to provide clinically
actionable information to oncologist and their patients and the
ability of Biocept's platform to identify cancer mutations and
alterations to inform physicians about a patient's disease and
therapeutic options, such statements are forward-looking, and are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The reader is cautioned
not to put undue reliance on these forward-looking statements, as
these statements are subject to numerous risk factors as set forth
in our Securities and Exchange Commission (SEC) filings. The
effects of such risks and uncertainties could cause actual results
to differ materially from the forward-looking statements contained
in this release. We do not plan to update any such forward-looking
statements and expressly disclaim any duty to update the
information contained in this press release except as required by
law. Readers are advised to review our filings with the SEC, which
can be accessed over the Internet at the SEC's website located at
www.sec.gov.
Investor Contact:
LHA Investor
Relations
Jody Cain
Jcain@lhai.com
310-691-7100
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SOURCE Biocept, Inc.