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Biocept, Inc. Closes $10 Million Term Loan Facility With Oxford Finance LLC


The facility will support working capital and general corporate needs and augments the Company's financial flexibility to pursue growth opportunities.

"The additional capital from Oxford Finance will enable us to accelerate our growth and expand the development of our proprietary technology platform to improve the lives of cancer patients," said Michael Nall, Biocept President and CEO. "This facility places the Company in a stronger financial position as we begin the commercialization of our liquid biopsy solution, focused on CTCs and cell-free circulating tumor DNA."

The initial $5 million secured term loan, which Oxford funded on April 30, 2014, matures in July 2018 and bears interest at an annual floating rate of LIBOR plus 7.71%, with a 7.95% floor. Biocept may draw down the additional $5 million available under the facility upon achieving a revenue milestone by the end of November 2015. The initial term loan includes an interest-only period through July 2015, which can be extended through January 2016 upon Biocept's achievement of the same revenue milestone. The second term loan, if funded, shall have a conterminous interest-only period and maturity date with the first term loan. In connection with the initial term loan, Biocept issued warrants to Oxford for the purchase of 52,966 shares of common stock at an exercise price of $4.72 per share.

"We are pleased to have developed a partnership with Oxford Finance, one of the leading providers of capital to the healthcare industry," said Bill Kachioff, Biocept Chief Financial Officer. "We appreciate the support of our lender group and believe their confidence in Biocept is further validation of our ability to improve the quality of cancer care while reducing patient costs through our OncoCEE™ solution."

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