EXHIBIT 99.1

Biocept Reports Third Quarter 2020 Financial Results

 

Revenues of $6.6 million –

a result of decision to offer COVID-19 testing

 

Conference call begins at 4:30 p.m. Eastern time today

 

SAN DIEGO (November 12, 2020)

Biocept, Inc. (Nasdaq: BIOC), a leading commercial provider of molecular diagnostic assays, products and services designed to provide physicians with clinically actionable information to improve patient outcomes, reports financial results for the three and nine months ended September 30, 2020 and provides an update on its business progress.

 

“Third quarter revenues increased more than four-fold compared with the third quarter of 2019 to $6.6 million due to our decision to perform and offer COVID-19 RT-PCR testing.  I am very proud of our hard-working team who have rallied to support public health efforts with our COVID-19 testing, while continuing to provide excellent service for our core oncology clients and the patients under their care,” said Michael Nall, President and CEO of Biocept.  

 

“Offering COVID-19 testing services was the right thing to do, and we fully expect this testing to be an important part of our business until the pandemic subsides,” he added.  “That said, oncology remains our long-term focus and we continue executing on priorities to build our business for a strong post-pandemic future.

 

“During the quarter we experienced an anticipated recovery in our oncology testing volume over the second quarter, driven by our new strategy in neuro-oncology.  Our Target Selector™ CSF assays are proving to be more sensitive than conventional cytology alone in detecting lung and breast cancer that has metastasized to the brain or central nervous system,” said Mr. Nall.  “These CSF assays have value as a diagnostic tool in helping to determine whether a patient’s cancer has metastasized to the cerebrospinal fluid and in profiling biomarkers to help physicians with treatment selection.  We are implementing new clinical programs focused on neuro-oncology testing, which we view as a significant growth opportunity.”

 

Third Quarter 2020 and Recent Highlights

 

Corporate Developments

 

Named Michael C. Dugan, M.D. as Chief Medical Officer and Medical Director with responsibilities for overseeing medical policy decision-making and the operations of Biocept’s CLIA-certified, CAP-accredited, high-complexity molecular laboratory.  Dr. Dugan is highly respected in the molecular diagnostics industry and has served in leading medical positions at Exact Sciences, Quest Diagnostics Nichols Institute and Roche Molecular Systems.

 

Appointed Samuel D. Riccitelli to Board of Directors. Mr. Riccitelli has more than 35 years of experience in the healthcare industry, including extensive experience in the molecular diagnostics industry, having served in executive-level positions and on the Boards of multiple publicly traded companies.

 

Commercial Developments and Agreements


The following information was filed by Biocept Inc (BIOC) on Thursday, November 12, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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