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Biocept says it has received more than 35,000 COVID-19 specimens for processing at its San Diego lab

It has distributed about 83,000 COVID-19 PCR specimen collection kits so far and has inventory for about 87,000 additional kits

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The company expects to collect an average reimbursement of about $100 per test

Biocept Inc (NASDAQ:BIOC) said Wednesday it has received more than 35,000 COVID-19 specimens to-date for processing through its RT-PCR technology at its San Diego lab. 

The company added that it expects to collect an average reimbursement of about $100 per test. 

All told, Biocept said it has distributed about 83,000 COVID-19 PCR specimen collection kits so far this year and has inventory for about 87,000 additional collection kits.

READ: Biocept inks deal to make its Target Selector cancer assays in-network for 3M US military members, their families

"In slightly more than two weeks, our lab has received around 14,000 COVID-19 specimens as our COVID-19 testing continued to gain momentum," said chief executive officer Michael Nall in a statement. 

"Even with the increased volume, the vast majority of COVID-19 test results were reported to our healthcare provider customers within 48 hours of receiving a sample. We are increasingly confident that COVID-19 testing will have a significant impact on third-quarter revenue and be an important aspect of our business during the pandemic."

While the majority of health providers that have ordered COVID-19 testing from Biocept are from California, the company said it is now serving a growing list of clients in multiple states, including skilled nursing centers, hospitals, clinics, surgery centers, and other businesses.

"We continue to make good progress in developing our own COVID-19 specimen collection kits and remain on track for launch later this year,” Nall said. “These specimen collection kits will be validated on a number of platforms used in our lab and for potential sales to other labs.”

Biocept’s lab is high-complexity, CLIA-certified and CAP-accredited with a BSL-2 safety level. Its specialized, licensed molecular lab staff have been trained in performing the COVID-19 testing.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Price: 4.77 USD

NASDAQ:BIOC
Market: NASDAQ
Market Cap: $63.75 m
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