Biocept, Inc. (NASDAQ:BIOC), a leading commercial provider of molecular technologies designed to provide physicians with clinically actionable information to improve patient outcomes, announces it has received more than 21,000 and processed more than 20,000 COVID-19 specimens to date using RT-PCR technology at its CLIA-certified, CAP-accredited high-complexity molecular lab. The Company has distributed approximately 46,000 COVID-19 PCR specimen collection kits to date, and has approximately 34,000 additional collection kits assembled and available for immediate distribution. The vast majority of COVID-19 test results were reported to healthcare providers within 48 hours of receipt of the specimen.
"The number of COVID-19 specimens received by our lab has increased consistently since we began distributing specimen collection kits in late June," said Michael Nall, President and CEO of Biocept. "We have assembled over 80,000 specimen collection kits to date and have reordered components for an additional 80,000. While the majority of health providers who have received our specimen collection kits to date are from California, we are now serving customers in multiple states and the growth is coming from all territories served.
"We believe COVID-19 testing will be an important part of our business for the immediate future," he added. "To accommodate the robust demand for this testing, we have increased staffing and implemented automation to support our ability to process the high levels of COVID-19 samples we are seeing. Importantly, we are processing COVID-19 tests quickly, with the vast majority of results to date sent to health providers within 48 hours of receiving a sample at an average reimbursement of approximately $100 per specimen. We expect COVID-19 testing to have a significant impact on third quarter revenue.
"We continue to make good progress in developing our own COVID-19 specimen collection kits with the engagement of a contract research organization (CRO) to validate our internal results and remain on track for launch later this year. These specimen collection kits will be validated on a number of platforms used in our lab and for potential sales to other labs," Mr. Nall concluded.