NEW YORK (GenomeWeb) – Shares of Biocept spiked nearly 90 percent on Monday after the company announced that it had commercially launched its Target Selector NGS Lung Panel assay.
In afternoon trading on Nasdaq, the San Diego-based company's shares were trading at $1.58 compared to Friday's closing price of $.82, as trading volume increased more than 30-fold to about 66 million shares from an average daily volume of 1.9 million shares.
Biocept executives had disclosed the commercial launch in an earnings call earlier this month, but officially announced the assay's commercial availability today.
Target Selector NGS Lung Panel is a multi-gene liquid biopsy sequencing assay that will be marketed to physicians and researchers and can be used to detect and monitor actionable biomarkers associated with lung cancer. The panel runs on Thermo Fisher Scientific's Ion Torrent next-generation sequencing platform.
Biocept said that the panel combines its laboratory and commercial infrastructure, as well as its expertise in blood sample preservation and DNA/RNA isolation with Thermo Fisher's NGS sequencing panel and informatics technology, branded as Oncomine.
"We are very pleased to launch our first multi-gene liquid biopsy panel to physicians and researchers in both academic centers and the pharmaceutical industry," Biocept President and CEO Michael Nall said in a statement. "This new solution makes Biocept the only commercial liquid biopsy company that can offer customers the flexibility to order either a customized single biomarker assay or a larger NGS-based liquid biopsy test panel for use when more comprehensive testing is desired."
Biocept will offer the assay out of its CLIA-certified, CAP-accredited laboratory in San Diego.