Biocept Inc (NASDAQ:BIOC) CEO Michael Nall told shareholders that the biotechnology group is “well positioned” to grow its liquid biopsy oncology business in 2021.
In a letter to shareholders released on Tuesday, Nall wrote that the San Diego-based group will grow its core business while continuing to offer RT-PCR testing for COVID-19, which began last year.
“Oncology testing is our foundation for long-term success. We are proud to provide critical information to help physicians select the optimal treatment for their patients with cancer,” Nall wrote to investors.
READ: Biocept enters into laboratory services agreements with independent physician associations for full array of its Target Selector liquid biopsy oncology assays
Biocept’s Target Selector leverages information from both circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) in blood and, more recently, in cerebrospinal fluid (CSF). Nall told shareholders that the feature is “very important,” as information gained from each of these targets is critical for optimal patient care.
On the COVID-19 front, the company said that since it decided to broaden its offering to initiate testing in June 2020, the firm received and processed more than 200,000 samples. As a result, revenue through the first nine months of 2020 surpassed full-year revenues for all prior years, according to the company.
“We expect COVID-19 testing will continue to be a meaningful component of our business this year, contributing to revenues and improving cash flow throughout 2021 or until the pandemic subsides,” Nall wrote.
As well as reviewing some highlights from the previous year, Nall laid out some of the company’s main priorities in 2021, including increasing Target Selector’s market penetration and entering and publishing studies to validate testing.
The company recently relocated to a new facility in San Diego, which is expected to reduce rent and other facility costs by approximately 15-20% annually.
“I am so very proud of our hard-working team at Biocept. They have rallied to support public health needs with our COVID-19 testing, while continuing to provide excellent service for our core oncology clients and the patients under their care,” Nall added.
“Indeed, it is our commitment to superior customer service that is being so warmly embraced by our customers. As always, all of us at Biocept are committed to improving patient treatment choices and clinical outcomes.”
The full shareholder letter is accessible here.
Contact Angela at angela@proactiveinvestors.com
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