SAN DIEGO, Sept. 16, 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 35,000 COVID-19 specimens to date for
processing through its RT-PCR technology at its CLIA-certified,
CAP-accredited high-complexity molecular lab and expects to collect
an average reimbursement of approximately $100 per test. The Company has distributed
approximately 83,000 COVID-19 PCR specimen collection kits to date,
and has inventory for approximately 87,000 additional collection
kits.
"In slightly more than two weeks, our lab has received around
14,000 COVID-19 specimens as our COVID-19 testing continued to gain
momentum," said Michael Nall,
President and CEO of Biocept. "Even with the increased
volume, the vast majority of COVID-19 test results were reported to
our healthcare provider customers within 48 hours of receiving a
sample. We are increasingly confident that COVID-19 testing
will have a significant impact on third quarter revenue and be an
important aspect of our business during the pandemic."
The Company has assembled over 83,000 specimen collection kits
to date and has inventory for an additional 87,000, for an overall
total of 170,000 kits. While the majority of health providers
that have ordered COVID-19 testing from Biocept are from
California, the company is now
serving a growing list of clients in multiple states including
skilled nursing centers, hospitals, clinics, surgery centers and
other businesses..
"We continue to make good progress in developing our own
COVID-19 specimen collection kits 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 added.
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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/biocept-provides-covid-19-testing-update-with-more-than-35-000-specimens-received-301132054.html
SOURCE Biocept, Inc.