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The company highlighted efforts to expand the use of its tests in the analysis of cerebrospinal fluid, an area in which research collaborations have begun to yield some data.
Despite the dramatic growth in overall testing revenue, the company's core oncology testing revenue dropped significantly quarter-over-quarter.
After a two-year evaluation in advanced non-small cell lung cancers with Allegheny Health Network, the payor will cover the test for its regional members.
The company's stock will now trade on a split-adjusted basis on the Nasdaq after authorization for the split was approved by stockholders.
Although the firm has ramped up COVID-19 testing, its billable test volume and overall testing revenues both declined due to pandemic-related challenges to its core oncology business.
The firms are using the technology, previously employed by Biocept exclusively for blood-based cancer testing, to develop a highly sensitive COVID-19 diagnostic.
News items for the in vitro diagnostics industry for the week of June 22, 2020.
The company was able to increase its total revenue and test revenues despite accessioning fewer samples and fewer billable samples during the quarter.
The company said it can now market test kits for both liquid biopsy and FFPE samples to labs in the EU and other participating geographies.
The company plans to use the proceeds to support a variety of general expenses, including research and development, administration, sales, marketing, and capital expenditures.