SAN DIEGO, Aug. 31, 2020 /PRNewswire/ -- Biocept, Inc.
(Nasdaq: BIOC), a leading commercial provider of molecular
technologies designed to provide physicians with clinically
actionable information to improve patient outcomes, announces it
has received more than 21,000 and processed more than 20,000
COVID-19 specimens to date using RT-PCR technology at its
CLIA-certified, CAP-accredited high-complexity molecular lab.
The Company has distributed approximately 46,000 COVID-19 PCR
specimen collection kits to date, and has approximately 34,000
additional collection kits assembled and available for immediate
distribution. The vast majority of COVID-19 test results were
reported to healthcare providers within 48 hours of receipt of the
specimen.
"The number of COVID-19 specimens received by our lab has
increased consistently since we began distributing specimen
collection kits in late June," said Michael
Nall, President and CEO of Biocept. "We have assembled
over 80,000 specimen collection kits to date and have reordered
components for an additional 80,000. While the majority of
health providers who have received our specimen collection kits to
date are from California, we are
now serving customers in multiple states and the growth is coming
from all territories served.
"We believe COVID-19 testing will be an important part of our
business for the immediate future," he added. "To accommodate
the robust demand for this testing, we have increased staffing and
implemented automation to support our ability to process the high
levels of COVID-19 samples we are seeing. Importantly, we are
processing COVID-19 tests quickly, with the vast majority of
results to date sent to health providers within 48 hours of
receiving a sample at an average reimbursement of approximately
$100 per specimen. We expect
COVID-19 testing to have a significant impact on third quarter
revenue.
"We continue to make good progress in developing our own
COVID-19 specimen collection kits with the engagement of a contract
research organization (CRO) to validate our internal results and
remain on track for launch later this year. These specimen
collection kits will be validated on a number of platforms used in
our lab and for potential sales to other labs," Mr. Nall
concluded.
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. 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 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, the demand for our
COVID-19 testing services remaining high, the availability and
timing of delivery of additional specimen collection kits from
outside sources or Biocept, our ability to maintain and/or
increase our COVID-19 testing capacity and provide timely results,
our expectation that COVID-19 testing will have a significant
impact on Biocept's third quarter revenue, 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.