Biocept Receives More Than 420,000 Samples During First Year of Offering COVID-19 Testing Service

Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, announces that it has received more than 420,000 samples for SARS-CoV-2 testing since launching this service in June 2020. The samples are processed using Biocept’s RT-PCR-based technology at its CLIA-certified, CAP-accredited, high-complexity molecular laboratory in San Diego.

“We are very proud of our work to help reduce viral spread by providing our community with COVID-19 testing services, as well as our consistent record for quick turnaround times and high-quality customer service,” said Michael Nall, President and CEO of Biocept. “We plan to further support our customers by offering a combination COVID-19 and seasonal influenza testing beginning in the third quarter of this year. As COVID-19 restrictions are lifted, some experts project a resurgence in influenza cases in the coming flu season. Determining whether a patient has COVID-19 or seasonal flu will help physicians make timely decisions that may lead to better outcomes and a more efficient utilization of healthcare resources.

“We also anticipate an increase in COVID-19 testing volume received from students and staff this fall when colleges return to in-person classes, following Biocept’s selection as one of four labs to serve the COVID-19 testing needs at all 116 California community colleges,” Nall said. “We believe our recently announced partnership with CLEARED4 to develop a system for tracking and managing COVID-19 testing requirements and test results will be especially helpful for our clients.”

“COVID-19 testing has driven Biocept’s positive financial performance over the past several quarters, which in turn has supported further investment in our core oncology business for our long-term success,” said Tim Kennedy, Biocept’s Chief Operating Officer and Chief Financial Officer. “In addition to dramatic increases in revenue, we have reduced expenses related to COVID-19 testing. When we began offering this service a year ago, the components for assembling COVID-19 sample collection kits were in high demand and premium-priced, so we took measures to begin producing our own kits and collection tubes. As our team diligently sourced the necessary components and supply chain challenges resolved, we are now able to procure kits and tubes at a price that’s below the cost of producing them ourselves.”