SAN DIEGO, Feb. 15, 2017 /PRNewswire/ -- 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, announces
the appointment of Michael Terry to
the newly created position of Senior Vice President Commercial
Operations. Mr. Terry will lead the Company's commercial
organization and oversee Biocept's business development
initiatives.
"We are very pleased that Mike has joined Biocept, given his
significant experience in leading commercial teams and establishing
disruptive technologies in the healthcare segment. He has served in
both large and small diagnostic and medical technology companies,
which will be key to facilitating our growth," said Michael Nall, President and Chief Executive
Officer of Biocept. "Mike's tenure in liquid biopsy and his solid
business development track record will be invaluable, as we seek to
leverage multiple business and strategic opportunities to increase
the value of our Company. All of us at Biocept extend a warm
welcome to Mike."
"I'm delighted to join Biocept and build on the Company's early
success in establishing a leading position in the liquid biopsy
market," said Mr. Terry. "Biocept's Target Selector™ platform is
significantly differentiated from other liquid biopsy offerings,
with the ability to identify and track clinically actionable
alterations in cancer patients cost effectively and with high
sensitivity. Our proprietary technology is gaining traction in a
large potential market, and has potential to improve the standard
of care for cancer treatment."
Most recently, Mr. Terry was Executive Vice President,
Commercial Operations and Corporate Development at Trovagene, Inc.,
a publicly traded molecular diagnostics company focused on liquid
biopsy. Previously, he served as Executive Vice President of
Sequenom, Inc., where he managed global commercial operations of
this molecular diagnostic company. Mr. Terry has extensive
international business experience including having served as
Executive Vice President of European Operations for Lumenis Ltd. He
served at GE Healthcare's Marquette Medical division, where he held
key executive positions in sales management, commercial operations
and eBusiness, and was certified in Six Sigma. Prior to GE, Mr.
Terry served as Vice President of Global Sales for Aspect Medical
Systems Inc., which was acquired in 2009 by Covidien (now
Medtronic). Additionally, he served as CEO of Ligand Dx, a startup
in the neonatal diagnostic field. Mr. Terry earned a BS in
Economics and Business from the University of
Wisconsin – Madison.
Inducement Award
In connection with the hiring of Mr. Terry, the Compensation
Committee of Biocept's Board of Directors approved the grant of a
stock option to purchase 50,000 shares of Biocept common
stock. The stock option will be granted on February 28, 2017, in accordance with Biocept's
general practice. The stock option will have an exercise
price per share equal to the closing price of Biocept's common
stock on February 28, 2017. The
stock option will be a non-qualified stock option and will have a
10-year term. The stock option will vest over four years,
with 25% of the shares subject to the option vesting on the
one-year anniversary of the commencement of Mr. Terry's employment
with Biocept and the remainder of the shares vesting in equal
quarterly installments over the following three years, subject to
Mr. Terry's continued service with Biocept through the applicable
vesting dates. The vesting of the stock option is subject to
acceleration under certain circumstances as provided in Mr. Terry's
employment agreement. The stock option is subject to the
terms and conditions of Biocept's 2013 Amended and Restated Equity
Incentive Plan, as amended, and the award agreement pursuant to
which the stock option is granted.
The stock option described above is granted as an inducement
material to Mr. Terry entering into employment with Biocept in
accordance with NASDAQ Listing Rule 5635(c)(4).
About Biocept
Biocept, Inc. is a molecular diagnostics company with
commercialized assays for lung, breast, gastric, colorectal and
prostate cancers, and melanoma. The Company uses its
proprietary liquid biopsy technology to provide physicians with
clinically actionable information for treating and monitoring
patients diagnosed with cancer. The Company'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. For additional
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 as to our ability to increase the
value of our company, grow our business and improve the standard of
care for cancer treatment, 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.
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SOURCE Biocept, Inc.