Biocept Issues Letter to Stockholders
Biocept, Inc. (Nasdaq: BIOC), a leading commercial provider of molecular testing to provide physicians with clinically actionable information to improve patient outcomes, announces that President and CEO Michael W. Nall has issued the following letter to stockholders:
To My Fellow Stockholders:
Biocept entered 2021 well-positioned to grow our core liquid biopsy oncology business while continuing to offer RT-PCR testing for the SARS-CoV-2 virus.
Oncology testing is our foundation for long-term success. We are proud to provide critical information to help physicians select the optimal treatment for their patients with cancer. Biocept is differentiated from others with liquid biopsy platforms in that our Target Selector leverages information from both circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) in blood and, more recently, in cerebrospinal fluid (CSF). This is very important as there is information gained from each of these targets that is critical for optimal patient care.
Among key initiatives for the coming year is to advance our Target Selector CSF assays toward standard of care for diagnosing and monitoring central nervous system metastases. This unique offering afforded by our proprietary rare cell capture technology platform presents an opportunity to serve a sizable market with more than 100,000 patients per year diagnosed with metastatic tumors to the brain in the U.S., as well as a competitive advantage for Biocept within our industry.
Biocept also is working hard to support the fight against COVID-19. Since making the decision to broaden our offering and initiate this testing service in June 2020, we have received more than 200,000 samples. Our team has processed these tests quickly, with the vast majority of results sent to health providers within 48 hours of sample receipt. Due primarily to our COVID-19 testing services, our revenues through the first nine months of last year surpassed our full-year revenues for all prior years. We expect COVID-19 testing will continue to be a meaningful component of our business this year, contributing to revenues and improving cash flow throughout 2021 or until the pandemic subsides.