Biocept (BIOC) Stock Flies On COVID-19 Testing Initiation

Biocept BIOC Stock News

Biocept Inc (NASDAQ: BIOC) is flying in the market this morning, and for good reason. Late last week, just before the holiday weekend, the diagnostics company said that it would begin COVID-19 testing. Here’s what’s going on:

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BIOC Stock Gains After Starting Tests For COVID-19

In the press release issued late last week, Biocept said that it has verified a COVID-10 molecular diagnostic test. In fact, the company said that it plans to begin accepting oders from physicians and processing these orders starting on April 15, 2020.

BIOC sais that it has partnered with a national clinician network to accept patient samples. Moreover, the company may obtain additional agreements as test capacity increases.

Testing will take place at the company’s high-complexity, CLIA-certified, CAP accredited, BSL-2 safety level laboratory in San Diego. The laboratory contains specialized, licensed molecular lab staff that have already been trained on COVID-19 testing.

The company said that for the tests, the lab will use the FDA-approved for EUA testing ThermoFisher Scientific’s TaqPath molecular diagnostic platform and kit for SARS-CoV-2.

In a statement, Mike Nall, CEO at BIOC, had the following to offer:

While we continue to focus primarily on providing actionable results for patients diagnosed with cancer, we are pleased to support our clients and public health efforts by expanding our offerings to include COVID-19 testing. I am very thankful to our laboratory team for stepping up and quickly validating COVID-19 testing, in addition to the vital work we do each day for patients diagnosed with cancer. We will provide this critical testing to physicians as we fight the global coronavirus pandemic.

Why The News Is So Exciting

As we speak, there is a pandemic spreading around the world, but I didn’t have to tell you that. Chances are that you’re at home, sheltering in place as the world changes around you. I know the feeling!

Nonetheless, in the face of the pandemic, one thing that we’re hearing quite often is that there is a dire need for testing. The truth of the matter is that only a percentage of those who are sick are even being offered diagnostic testing because there is such a strain on the market and just not enough supply. That’s where Biocept comes in.

While there are definitely a few diagnostics companies that have tests on the market, the demand for them is so strong that it simply can’t be met by existing options. As such, as has been the case for other diagnostics companies, I’m expecting that BIOC will be flooded with orders, creating a strong revenue growth opportunity here.

All in all, this is exciting news for BIOC and the investors that believe in the stock!

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