Biocept BIOC Stock News

Biocept Inc (NASDAQ: BIOC) is making a run for the top in the premarket hours this morning, trading on gains of well over 10%. The gains come after the comapny announced that it is in the process of developing a more accurate testing option for COVID-19. Here’s what’s going on:

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BIOC Stock Heats Up On COVID-19 Testing News

In the press release, Biocept said that it has teamed up with Aegea Biotechnologies to develop a highly-sensitive PCR-based assay. The assay will be designed by Aegea to detect the COVID-19 virus.

In the release, BIOC said that the COVID-19 PCR assay is based on its core Switch-Blocker technology that has bee used in a suite of ultra-sensitive oncology-focused diagnostic tests.

The new COVID-19 test is being designed for improved analytical performance with a goal of better assisting healthcare providers in the screening and managing of patients. In particular, the test is being designed specifically to increase sensitivity and reduce chances of false positives or false negatives.

As a part of the agreement with Aegea, BIOC has the first option to negotiate a license agreement to any resulting new COVID-19 PCR assay for commercialization.

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

This project further expands on Biocept’s initiatives in the COVID-19 PCR testing market and highlights our capabilities to develop high-complexity molecular-based assays based on our core Switch-Blocker technology for multiple applications, including potentially COVID-19. This agreement provides Biocept with new incremental revenue for R&D development services and, if successfully developed, an option to expand our COVID-19 testing capabilities with a next-generation COVID-19 PCR assay that we believe will have competitive advantages.

The above statement was followedup by Stella M.Sung, Ph.D., Chief Business Officer at Aegea.

Working with Biocept better enables the potential rapid development of this new PCR-based COVID-19 assay. Biocept has successfully utilized Switch-Blocker technology to test for rare oncology-related genetic mutations in tens of thousands of clinical samples. Moreover, Biocept’s CLIA laboratory is actively involved in COVID-19 PCR testing, which makes them the ideal partner for Aegea.

Final Thoughts

Investors have been waiting for this announcement from Biocept for some time. The company’s technology has proven invaluable in the oncology setting. So, it only makes sense that it would team up and develop a testing option to provide more accuracy in the detection of COVID-19.

Through this announcmenet, BIOC is going to enter into a booming space. Companies are still having trouble meeting the demand for tests. As such, the company is in the right place at the right time, and given their history, will offer a superior product, making BIOC stock one to watch.

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