SAN DIEGO, Sept. 10, 2018 /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 patients diagnosed with
cancer, announces the appointment of Edwin
C. Hendrick as Senior Vice President, Chief Commercial
Officer. Mr. Hendrick brings to Biocept over 25 years of sales and
commercial leadership experience in the healthcare industry, with
recent senior level commercial and operational positions in the
clinical diagnostics segment.
"Edwin's outstanding experience developing successful commercial
organizations in early-stage companies is a natural fit for
Biocept, as we aim to continue to build our market presence in the
emerging liquid biopsy segment," said Michael Nall, President and Chief Executive
Officer of Biocept. "His proven ability to work across entire
organizations to improve functional areas such as strategic
marketing, sales, billing, health plan access, and customer service
will provide needed depth to our management bench as Biocept
grows. All of us at Biocept extend a warm welcome to
Edwin."
"I am delighted to join the Biocept team and to begin the
process of seeking to reaccelerate sales of the Company's Target
Selector™ assay platform," said Mr. Hendrick. "Liquid biopsy
has the ability to revolutionize the standard of care for cancer
patients, and I look forward to leveraging my commercial and
operational experience with Biocept's cutting-edge technologies. I
am excited to execute on our mission to provide physicians with the
tools they need to personalize treatment regimen's based on
actionable information from a simple blood sample."
Mr. Hendrick has achieved a strong track record of building and
growing businesses during a distinguished career spanning over 25
years in healthcare. He has led commercial operations within
diagnostic and healthcare service companies ranging in size from
$10 million to $1 billion in revenues. In his most recent
position at GenomeDx, he developed the company's commercial
strategy and launched its commercial offering. Mr. Hendrick engaged
with every department in moving the company from the start-up phase
to a commercial-ready organization. Prior to GenomeDx, in his
role as Executive Vice President, Sales and Marketing of PLUS
Diagnostics, Mr. Hendrick led the company's transformation from a
regional laboratory generating $10
million in annual revenues to a national anatomic pathology
leader achieving more than $100
million in annual revenues. PLUS Diagnostics' growth
culminated in the company's successful sale to Miraca Life Sciences
in October 2013, now Inform
Diagnostics. Mr. Hendrick also served as an executive with US
Labs, a start-up anatomic pathology company. He helped build the
company's operations, sales and marketing organizations which ended
in its purchase by LabCorp in 2005. Prior to US Labs, Mr.
Hendrick led sales and marketing for Ventana Medical Systems, a
medical device and reagent business, now a member of the Roche
Group. Mr. Hendrick began his career in sales for Abbott
Laboratories, and received his Bachelor of Arts in Advertising from
the University of Kentucky.
Inducement Awards
In connection with the hiring of Mr. Hendrick, Biocept will
grant Mr. Hendrick an inducement stock option award to purchase
45,000 shares of Biocept common stock. The stock option will
be granted on September 30, 2018 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 September 30,
2018, and it 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. Hendrick's
employment with Biocept and the remainder of the shares vesting in
equal monthly installments over the following three years, subject
to Mr. Hendrick's continued service with Biocept through the
applicable vesting dates. The stock option will be 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.
In addition, in connection with the hiring of an individual to
the position of Senior Director Strategic Reimbursement and Managed
Markets, Biocept will grant an inducement stock option award to
purchase 10,000 shares of Biocept common stock. The stock
option will be granted on September 30,
2018 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 September 30, 2018, and it 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 employment with Biocept and the remainder of the
shares vesting in equal monthly installments over the following
three years, subject to continued service with Biocept through the
applicable vesting dates. The stock option will be 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.
Each of the stock options described above is granted as an
inducement material to 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
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
plasma (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 improve the
outcomes of patients diagnosed with cancer, our ability to build
upon our market presence in the liquid biopsy segment, and our
ability to reaccelerating sales of our Target Selector assay
platform, 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.