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Biocept Reports an Increase in COVID-19 RT-PCR Testing Volume with Spread of the Omicron Variant
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
covid-19
Rhea-AI Summary
Biocept, Inc. (NASDAQ: BIOC) reported a significant increase in COVID-19 RT-PCR testing volume in 2022, attributed to the Omicron variant. Since 2022, the company has processed over 40,000 samples, adding to more than 765,000 since June 2020. Biocept's testing is noted for its high sensitivity and accuracy, detecting multiple gene targets. Demand has surged primarily from skilled nursing facilities, though community college demand has decreased due to vaccination mandates. Biocept has renewed its contract with the Foundation for California Community Colleges, extending through 2022.
Positive
Increased COVID-19 testing volume, surpassing 40,000 samples in 2022.
High sensitivity and accuracy of RT-PCR testing compared to rapid antigen tests.
Renewed contract with the Foundation for California Community Colleges through 2022.
Negative
Decrease in demand from community colleges due to vaccination mandates.
SAN DIEGO--(BUSINESS WIRE)--
Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, announces that COVID-19 RT-PCR testing volume has increased in 2022 with the emergence of the Omicron variant. Biocept continues to serve the community with high-quality testing, having received more than 40,000 samples for COVID-19 testing since the beginning of 2022 and more than 765,000 samples since initiating this service in June 2020.
“RT-PCR COVID-19 testing, like the testing we offer, is highly sensitive and more accurate than a rapid antigen test,” said Michael Dugan, MD, Biocept’s Chief Medical Officer and Medical Director. “A person with suspected COVID-19 has a much better chance of having a positive RT-PCR test than the same patient using the antigen test. We actually test for three gene targets of COVID-19, so we are not reliant on just one target gene or protein as used in some other tests. Omicron variant cases notably lose the ‘S gene’ target and can easily be missed by a single gene PCR test or single protein rapid antigen. Most positive cases we are seeing right now have only two of the original three gene targets. These cases can be easily missed with single target tests.”
“Demand for our COVID-19 testing service surged with the emergence of the highly contagious Omicron variant, with most of that demand coming from our skilled nursing facility customers,” said Michael Nall, Biocept’s President and CEO. “We have ample laboratory capacity to perform COVID-19 testing at these higher levels and are working to add staff, as needed. The initial surge in demand from our California community college customers has subsided as many colleges are now requiring most students and staff to be fully vaccinated and are not currently mandating PCR testing for vaccinated individuals. That said, I’m pleased to announce a renewal of our contract with the Foundation for California Community Colleges, which now extends through the end of 2022.
“We are committed to providing COVID-19 RT-PCR testing services to support our community for as long as necessary, while we continue making investments in our oncology business,” he added. “At this time, we cannot predict how long we will see higher volumes for COVID-19 testing or what we might expect as the year progresses.”
About Biocept
Biocept, Inc. develops and commercializes molecular diagnostic assays that provide physicians with clinically actionable information to aid in the diagnosis, treatment and monitoring of patients with cancer. In addition to its broad portfolio of blood-based liquid biopsy tests, the company has developed the CNSide™ cerebrospinal fluid assay, designed to diagnose cancer that has metastasized to the central nervous system. Biocept also is leveraging its molecular diagnostic capabilities to offer nationwide RT-PCR-based COVID-19 testing and services 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
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 Biocept believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, Biocept 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," "could," "expect," or "believe" 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 capabilities and potential benefits of Biocept’s CNSide assay and the ability of Biocept’s assays to provide physicians with clinically actional information, 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 the risk that Biocept’s products and services may not perform as expected. These and other risks are described in greater detail under the "Risk Factors" heading of Biocept’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the Securities and Exchange Commission (SEC) on November 15, 2021. The effects of such risks and uncertainties could cause Biocept’s actual results to differ materially from the forward-looking statements contained in this release. Biocept does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law. Readers are advised to review Biocept’s filings with the SEC, which can be accessed over the Internet at the SEC's website located at www.sec.gov.
Biocept reported a significant increase in COVID-19 RT-PCR testing volume due to the Omicron variant, processing over 40,000 samples in 2022.
How has the Omicron variant affected Biocept's testing services?
The emergence of the Omicron variant has led to a surge in demand for Biocept's COVID-19 testing, primarily from skilled nursing facilities.
What is the status of Biocept's contract with community colleges in California?
Biocept has renewed its contract with the Foundation for California Community Colleges, extending through the end of 2022, despite a decline in demand due to vaccination requirements.
What is the significance of Biocept's RT-PCR testing?
Biocept's RT-PCR testing is highly sensitive and accurate, capable of detecting multiple gene targets, unlike some single-target tests that can miss Omicron cases.
