Biocept Provides COVID-19 Testing Update with More than 35,000 Specimens Received
September 16, 2020 at 08:00 AM EDT
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.
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SOURCE Biocept, Inc.