Biocept (BIOC) Stock Climbs On COVID-19 Testing News

Biocept BIOC Stock News

Biocept Inc (NASDAQ: BIOC) is seeing gains in the market this morning, and for good reason. The company, and its partner, Aegena Biotechnology announced that their rapid COVID-19 test has been selected as a semi-finalist in a major competition.

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BIOC Stock Heads Up On Testing News

In the press release, Aegena and Biocept announced that their rapid test has been selected as a semi-finalist for the prestigious XPRIZE competition for rapid COVID testing.

XPRIZE is a massive, worldwied competition provider that works to solve humanities most importnat challenges. Should BIOC and Agena win the competition, it will be entitled to a $5 million prize.

The competition is aimed at accelerating the development of high-quality COVID-19 testing that’s affordable, easy to use, and provides results quickly.

Importantly, more than 700 teams across six continents have registered to be part of the XPRIZE competition.

In a statement, Lyle J. Arnold Ph.D., Founder and CEO at the BIOC partner, Aegena, had the following to offer:

We are pleased to compete for the XPRIZE and to put our inventions and ideas towards solving an urgent global health need. Aegea’s new COVID-19 test utilizes the single nucleotide discrimination capacities of the patented Switch-Blocker technology to differentiate itself from other COVID-19 PCR assays. Our assay is designed to detect low copy numbers of viral RNA, therefore it could potentially detect the viral load at lower levels than other PCR-based assays.

This could be enormously helpful in reducing the infection rate, because it has been reported that asymptomatic patients are able to infect others. At the same time, due to its high sensitivity, our assay should allow multiple patient samples to be pooled into a single assay, to greatly speed up the number of patients tested. Additionally, our COVID-19 PCR assay is designed with the ability to identify high-risk and low-risk strains of SARS-CoV-2, which could significantly aid medical decision-making, for identifying patients most in need of hospitalization. It also distinguishes SARS-CoV-2, which is associated with COVID-19, from other common forms of the SARS virus.

This Is Big News

Under the partnership with Aegena, Biocept has rights to certain oncology indications surrounding this rapid test. Moreover, the two companies had a hand in developing it. Should the two win the $5 million, the money is just icing on the cake.

The real value is further validation of the work that BIOC has been doing for years in terms of liquid biopsies in the oncology sector. Moreover, inclusion in the competition as a semifinalist will greatly increase awareness of Biocept as a company and the products it has to offer. All in all, this makes BIOC stock one that’s well wroth watching.

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