Biocept Inc (NASDAQ: BIOC) is having an incredibly strong start to the trading session, and for good reason. The company announced that it has entered into a partnership that will likely lead to a significant increase in revenue. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The partnership;
- what we’re seeing from BIOC stock as a result; and
- what we’ll be watching for ahead.
BIOC Announces Partnership News
As mentioned above, Biocept is having an incredibly strong day in the market today after announcing partnership news. In a press release issued early this morning, the company announced that it has entered into a Software License and Laboratory Data Supply Agreement with Prognos, Inc.
Prognos is an innovator in disease prediction through the application of AI to clinical laboratory diagnosis.
Under the terms of the agreement, BIOC will supply de-identified data from its liquid biopsy testing to Prognos. From there Prognos will leverage its AI capabilities to help its pharmaceutical clients to ensure that the right patients receive the right treatments. In order to de-identify the data, the company said that it will be using Prognos’ proprietary Opal de-identification software in accordance with the Health Insurance Profitability and Accountability Act of 1996 and transmit the data to Prognos.
In a statement, Sundeep Bahn, Co-founder and CEO at Prognos, had the following to offer:
We are extremely pleased to be working with Biocept to harness the data generated by its Target Selector™ testing platform… The number of biomarker targeted therapies in oncology is growing at a significant rate and new technologies like liquid biopsy offer significant potential to improve cancer care. There is strong demand for clinical information that elucidates the capabilities of this innovative technology in the healthcare market. Our partnership with Biocept will further enable our growing list of top life sciences clients to find and convert appropriate patients to the right therapies.
The above statement was followed up by Michael Nall, President and CEO at BIOC. Here’s what he had to say:
With over 16,000 patient samples and more than 60,000 total Target Selector™ tests performed, we are positioned to continue generating important clinical data that, once de-identified and aggregated, can be valuable to the scientific, medical and healthcare delivery communities… We are looking forward to working with Prognos to leverage the data produced by our molecular diagnostic platform and the ability to generate additional revenue for our business.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Biocept, the news proved to be overwhelmingly positive. After all, this new partnership has the potential to expand the company’s revenue. So, it’s not surprising to see that excited investors are pushing the stock up in the market this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:50), BIOC is trading at $1.37 per share after a gain of $99.82% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on BIOC. In particular, we’re interested in following the partnership and the revenue that is generated through it. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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