Biocept Announces the Availability of 10,000 Specimen Collection Kits for RT-PCR COVID-19 Testing

Rhea-AI Summary

Biocept, Inc. (Nasdaq: BIOC) announced the availability of 10,000 nasopharyngeal specimen collection kits for RT-PCR testing for COVID-19, with results returned within 24-48 hours. The company overcame supply chain challenges by securing necessary components and has plans to develop its own specimen collection media by Q3 2020. Biocept continues its partnership with Thermo Fisher Scientific, utilizing the TaqPath™ platform for testing. This offering aims to enhance testing accuracy and turnaround speed during the ongoing pandemic.

Positive

• Availability of 10,000 RT-PCR COVID-19 specimen collection kits.
• Quick result turnaround of 24-48 hours.
• Overcame initial supply chain challenges for testing components.
• Plans to develop proprietary specimen collection media by Q3 2020.
• Partnership with Thermo Fisher Scientific to utilize TaqPath™ platform.

Negative

• None.

SAN DIEGO, June 22, 2020 /PRNewswire/ -- 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 with cancer, announces the availability of 10,000 nasopharyngeal specimen collection kits for RT-PCR testing for SAR-CoV-2 (COVID-19) for physician ordering.  Collected specimens will be shipped overnight to Biocept's high-complexity, CLIA-certified, CAP-accredited and BSL-2 safety level laboratory in San Diego with results returned to ordering physicians in an estimated 24 to 48 hours.

"As previously reported, securing specimen collection kits to conduct RT-PCR COVID-19 testing has been challenging both for Biocept and other providers.  We have solved our initial supply chain challenge by obtaining the swabs, reagents and other components of these kits, assembling them, and making them available for physician ordering," said Michael Nall, Biocept's President and CEO.  "We continue to develop our own specimen collection media, which will allow us to further control our supply chain.  We expect these Biocept-developed RT-PCR COVID-19 kits to be available in the third quarter of 2020.

"We are pleased to be offering this testing during the continuing pandemic, with RT-PCR testing providing the most accurate results for detecting active COVID-19 virus," he added.  "As previously announced, we expanded our relationship with Thermo Fisher Scientific to run these tests on their FDA-approved for emergency-use authorization, or EUA, TaqPath™ molecular diagnostic platform.  We believe we have a distinct advantage in performing RT-PCR COVID-19 testing given our rapid turnaround time, which is faster than many other labs."

Information for physician ordering of RT-PCR COVID-19 specimen collection kits from Biocept is available on the company website at www.biocept.com or by contacting customer service at 888-332-7729 or customerservice@biocept.com.

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. Additionally, Biocept is offering nationwide COVID-19 polymerase chain reaction (PCR) testing to support public health efforts during this unprecedented pandemic.  For more  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 our development of our own specimen collection media and that such development will allow us to control all aspects of the supply chain, our expectation that Biocept-developed RT-PCR COVID-19 kits will be available in the third quarter of 2020, the relative accuracy of RT-PCR testing, our ability to perform RT-PCR COVID-19 testing faster than many other labs, the ability of our platform to identify cancer mutations and alterations, and the ability of our technologies to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with cancer, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are 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. You 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.

FAQ

What is Biocept's recent announcement regarding COVID-19 testing?

Biocept announced the availability of 10,000 nasopharyngeal specimen collection kits for RT-PCR testing for COVID-19.

How fast can physicians expect results from Biocept's COVID-19 tests?

Results from Biocept's COVID-19 tests are expected to be returned within 24 to 48 hours.

What challenges has Biocept faced in providing COVID-19 testing?

Biocept faced challenges in securing specimen collection kits, which they have now resolved by obtaining necessary components.

When does Biocept expect to launch its own specimen collection media?

Biocept expects to develop and launch its own specimen collection media by the third quarter of 2020.

What partnership is Biocept leveraging for COVID-19 testing?

Biocept is expanding its partnership with Thermo Fisher Scientific to use the TaqPath™ molecular diagnostic platform for COVID-19 testing.