Biocept Receives More Than 420,000 Samples During First Year of Offering COVID-19 Testing Service
June 15 2021 - 8:17AM
Business Wire
Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular
diagnostic assays, products and services, announces that it has
received more than 420,000 samples for SARS-CoV-2 testing since
launching this service in June 2020. The samples are processed
using Biocept’s RT-PCR-based technology at its CLIA-certified,
CAP-accredited, high-complexity molecular laboratory in San
Diego.
“We are very proud of our work to help reduce viral spread by
providing our community with COVID-19 testing services, as well as
our consistent record for quick turnaround times and high-quality
customer service,” said Michael Nall, President and CEO of Biocept.
“We plan to further support our customers by offering a combination
COVID-19 and seasonal influenza testing beginning in the third
quarter of this year. As COVID-19 restrictions are lifted, some
experts project a resurgence in influenza cases in the coming flu
season. Determining whether a patient has COVID-19 or seasonal flu
will help physicians make timely decisions that may lead to better
outcomes and a more efficient utilization of healthcare
resources.
“We also anticipate an increase in COVID-19 testing volume
received from students and staff this fall when colleges return to
in-person classes, following Biocept’s selection as one of four
labs to serve the COVID-19 testing needs at all 116 California
community colleges,” Nall said. “We believe our recently announced
partnership with CLEARED4® to develop a system for tracking and
managing COVID-19 testing requirements and test results will be
especially helpful for our clients.”
“COVID-19 testing has driven Biocept’s positive financial
performance over the past several quarters, which in turn has
supported further investment in our core oncology business for our
long-term success,” said Tim Kennedy, Biocept’s Chief Operating
Officer and Chief Financial Officer. “In addition to dramatic
increases in revenue, we have reduced expenses related to COVID-19
testing. When we began offering this service a year ago, the
components for assembling COVID-19 sample collection kits were in
high demand and premium-priced, so we took measures to begin
producing our own kits and collection tubes. As our team diligently
sourced the necessary components and supply chain challenges
resolved, we are now able to procure kits and tubes at a price
that’s below the cost of producing them ourselves.”
About Biocept
Biocept, Inc. develops and commercializes molecular diagnostic
assays that provide physicians with clinically actionable
information for treating and monitoring patients diagnosed with a
variety of cancers. In addition to its broad portfolio of
blood-based liquid biopsy assays, Biocept has developed the CNSide™
cerebrospinal fluid assay that detects cancer that has metastasized
to the central nervous system. Biocept’s patented Target Selector™
technology captures and quantitatively analyzes CSF tumor cells for
tumor-associated molecular markers, using technology first
developed for use in blood. Biocept also is leveraging its
molecular diagnostic capabilities to offer nationwide COVID-19
RT-PCR testing to support public health efforts during this
unprecedented pandemic. For more information, visit
www.biocept.com. Follow Biocept on Facebook, LinkedIn and
Twitter.
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 “plan,” "may," "will,"
"anticipate," "believe," “long-term” 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 our plan to offer combination COVID-19 and seasonal
influenza testing beginning in the third quarter this year and the
potential benefits of such testing, the projected resurgence of
influenza cases in the coming flu season, our anticipation of an
increase in COVID-19 testing volume when colleges return to
in-person classes this fall, the benefits our partnership with
CLEARED4®, our long-term success, and our ability to provide
physicians with clinically actionable information for treating and
monitoring patients diagnosed with a variety of cancers, 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 risks and uncertainties, including: we may not be able to
develop and offer combination COVID-19 and seasonal influenza
testing on the timeframe we expect or in a cost-efficient manner,
or at all; demand for our testing services may be lower than we
anticipate; we currently rely on third-party suppliers for blood
collection tubes, shipping kits, and critical materials needed to
perform our current assays, as well as our planned future products,
assays and services, and any problems experienced by them could
result in a delay or interruption of their supply to us; our
commercial success could be compromised if hospitals or other
clients do not pay our invoices or if third-party payers, including
managed care organizations and Medicare, do not provide coverage
and reimbursement, breach, rescind or modify their contracts or
reimbursement policies or delay payments for our current assays and
our planned future assays; and our products and services may not
perform as expected. These and other risks are described in greater
detail under the "Risk Factors" heading of our Quarterly Report on
Form 10-Q for the quarter ended March 31, 2021, as filed with the
Securities and Exchange Commission (SEC) on May 12, 2021. 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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version on businesswire.com: https://www.businesswire.com/news/home/20210615005390/en/
Investor Contact: LHA Investor Relations Jody Cain
Jcain@lhai.com, (310) 691-7100
Media Contact: Sampson PR Group Andrea Sampson
asampson@sampsonprgroup.com, (562) 304-0301
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