Shares of Biocept Inc (NASDAQ:BIOC) are up close to 25% this morning, after the company just announced an in-network agreement with Blue Cross Blue Shield of Illinois. Shares are trading at an extraordinarily high volume of over five times the daily average, in just 10 minutes after the market opened.
Biocept Inc (NASDAQ:BIOC), a compay that specializes in molecular diagnostics and has been developing blood-based biomarkers for the improvement in the detection and treatment of cancer, announced the deal today. As per the deal, members of Blue Cross Blue Shield of Illinois will now have access to the company’s liquid biopsy testing menu.
“BCBS IL is the largest health plan in Illinois and is our first agreement with a plan in the Blue Cross Blue Shield system,” said Michael W. Nall, President and CEO of Biocept. “We view this agreement as another indication of the growing awareness by healthcare providers of the important role liquid biopsy can have in the treatment of patients with cancer. For Biocept, gaining health plan coverage for our tests is a key aspect of our reimbursement strategy.”
“For a significant number of patients with cancer, obtaining sufficient biopsy material from a surgical procedure is neither possible nor practical. By utilizing liquid biopsy, physicians can gain valuable information for use in developing treatment plans for their patients,” said Amy McNeal, Senior Director of Strategic Reimbursement at Biocept. “Our goals at Biocept and the payor community are aligned as we work together to improve patient outcomes while providing savings to the healthcare system.”
The stock is up 24.82% or $0.34 following the news, hitting $1.71 per share. About 43,192 shares traded hands. BIOC has declined 57.72% since June 8, 2015 and is downtrending. It has underperformed the S&P500 by 51.86%.
Biocept, Inc. is a cancer diagnostics company. The company has a market cap of $32.16 million. The Firm develops and commercializes circulating tumor cell and circulating tumor DNA (ctDNA), tests utilizing a standard blood sample. It currently has negative earnings. The Company’s marketed tests are OncoCEE-BR for breast cancer CTC enumeration and analysis, OncoCEE-GA for gastric cancer CTC enumeration and analysis and OncoCEE-LU for non-small cell lung cancer, or NSCLC, CTC enumeration and analysis.