Biocept Expands Agreement with MultiPlan to Include COVID-19 Testing
August 19 2020 - 8:00AM
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, announces the expansion of its agreement with MultiPlan,
Inc. to include COVID-19 testing services at a pre-negotiated price
per test. MultiPlan is a healthcare cost management company
offering payment integrity, network-based and analytics-based
services. With the expanded agreement, Biocept’s COVID-19 testing,
in addition to its liquid biopsy oncology testing services, are now
accessible to consumers who have access to the PHCS and MultiPlan
Networks, MultiPlan’s national primary and complementary networks.
More than 1 million healthcare providers participate in MultiPlan’s
networks and 60 million health plan members have access to the
company’s services.
“Through our agreement with MultiPlan, Biocept is able to make
our COVID-19 testing services widely available,” said Biocept's
President and CEO Michael Nall. “Health plan members who use
MultiPlan’s networks have had access to our Target Selector™
oncology assays for the past five years, and our COVID-19 testing
services are now available under this expanded agreement. We are
proud to offer our COVID-19 testing services to health providers
and their patients across the U.S. during the pandemic.”
Biocept operates a high-complexity, CLIA-certified,
CAP-accredited and BSL-2 safety level laboratory in San Diego, with
specialized, licensed molecular lab staff who have been trained in
performing the COVID-19 testing. The Company recently implemented a
cutting-edge, new online ordering system to make COVID-19 test
ordering efficient for clients and streamline the front-end
onboarding process within its laboratory, allowing increased
testing capacity and decreased costs. To date, Biocept has provided
the vast majority of COVID-19 testing results to health providers
within 48 hours of receiving the specimen with an average
reimbursement of approximately $100 per test. The Company believes
its test performance, quality and customer service are ideal for
supporting providers and maintaining compliance with state
mandates.
About MultiPlanMultiPlan is committed to
helping healthcare payers manage the cost of care, improve their
competitiveness and inspire positive change. Leveraging
sophisticated technology, data analytics, and a team rich with
industry experience, the company interprets clients’ needs and
customizes innovative solutions that combine its payment integrity,
network-based and analytics-based services. MultiPlan is a trusted
partner to over 700 healthcare payers in the commercial health,
dental, government and property and casualty markets, and saves
these companies more than $18 billion annually. MultiPlan is owned
by Hellman & Friedman and other investors. For more
information, visit multiplan.com.
About BioceptBiocept, 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. In
addition, Biocept recently added COVID-19 testing to
support efforts to fight the pandemic. For additional information,
please visit www.biocept.com.
Forward-Looking Statements Disclaimer
StatementThis 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, Biocept’s provision of COVID-19 testing through MultiPlan
or otherwise, 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 http://www.sec.gov/.
Investor Contact: LHA
Investor Relations Jody CainJcain@lhai.com310-691-7100
Biocept (NASDAQ:BIOC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Biocept (NASDAQ:BIOC)
Historical Stock Chart
From Apr 2023 to Apr 2024