SAN DIEGO, Nov. 23, 2015 /PRNewswire/ -- Biocept, Inc. (NASDAQ: BIOC), a leading molecular diagnostics company commercializing and developing biomarkers used in liquid biopsies to improve the detection and treatment of patients with cancer, announces two new agreements with preferred provider organization (PPO) networks. Fortified Provider Network and Three Rivers Provider Network members now have network access to Biocept's proprietary non-invasive liquid biopsy testing. These new agreements cover 26 million members, bringing the total number of consumers with access to Biocept's blood-based liquid biopsy testing through their healthcare plans to approximately 133 million.
Fortified Provider Network is a national direct-contracted PPO that is utilized by self-funded employer groups, insurance carriers, and regional and local provider networks.
Three Rivers Provider Network is one of the largest and fastest growing PPO provider networks in the nation with 550,000 providers and 5,000 hospitals.
Biocept's proprietary liquid biopsy assays provide clinicians with the ability to detect circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) in a highly sensitive and specific manner. Published and presented data demonstrates a strong correlation between molecular profiles obtained from a patient's surgical biopsy tissue and the same patient's blood sample analyzed at Biocept.
When traditional biopsies are not safe, practical or adequate, a liquid biopsy from Biocept provides an alternative to obtaining molecular information that a physician needs to develop a treatment plan for patients with cancer. Data suggest that physicians have difficulty obtaining an adequate tissue biopsy sample in up to 40% of patients with progressive lung cancer, which limits their ability to develop a treatment plan based on the molecular profile of these patients.
"The molecular status of tumors obtained from our commercial liquid biopsy assay, Target SelectorTM, can help identify disease progression and guide therapy," said Veena Singh, MD, Senior Vice President and Senior Medical Director at Biocept. "By utilizing a blood sample to provide biomarker analysis, our Target SelectorTM assays address a true unmet medical need when tissue biopsies are insufficient or unavailable."
"The healthcare community is recognizing the growing importance of Biocept's molecular assays in the treatment of patients with cancer as evidenced by the growing number of managed care contracts and covered lives with access to our assays," said Michael Nall, Biocept's President and CEO. "We are very pleased to partner with Three Rivers Provider Network and Fortified Provider Network, and look forward to additional partnerships focused on improving outcomes for patients with cancer, while reducing healthcare costs."
Biocept, Inc. is a commercial-stage molecular diagnostics company that utilizes a proprietary technology platform and a standard blood sample to provide physicians with important prognostic and predictive information to enhance individual treatment of patients with cancer. Biocept's patented technology platform captures and analyzes circulating tumor DNA, both in circulating tumor cells (CTCs) and in plasma (ctDNA). Biocept currently offers assays for gastric cancer, breast cancer, lung cancer, colorectal cancer and melanoma, and plans to introduce CLIA-validated tests for other solid tumors in the near term. For additional information, please visit www.biocept.com.
Forward-Looking Statements Disclaimer Statement
This news release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to be correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this news release are not strictly historical, including, without limitation, statements as to physician adoption of liquid biopsy, our ability to secure additional partnerships and our ability to further enhance our product portfolio, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our Securities and Exchange Commission (SEC) filings. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this news release. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. Readers are advised to review our filings with the SEC at www.sec.gov.
SOURCE Biocept, Inc.