Biocept stock (NASDAQ:BIOC) was skyrocketing on Friday as the company announced a biopsy testing partnership with Alliance Global FZ.
Biocept’s bread and butter is the development and administration of liquid biopsy tests that allow physicians to amass clinically actionable information to help improve the outcomes of patients who have been diagnosed with cancer. The company has inked a deal with Alliance Global to market and distribute Biocept’s Target Selector liquid biopsy tests.
These will be administered in the United Arab Emirates and several countries in the Middle East, North and Sub-Saharan Africa and the Southeast Asia (MEAA) region. All of the diagnostic testing services combined with this deal will be carried out in Biocept’s San Diego CLIA-certified lab.
Alliance Global will be responsible for the sales, marketing, distribution and reimbursement of the company’s liquid biopsy platform, although we have yet to hear any more details or additional terms of the agreement.
“We are pleased to partner with Alliance Global to offer patients diagnosed with cancer access to our patented liquid biopsy testing,” said Michael Nall, President and CEO of Biocept. “We now have eight international agreements enabling the distribution of our Target Selector™ tests in 17 countries in addition to the U.S.”
“We are enthusiastic about the opportunities with a capable partner in this important region, and given our strong global intellectual property position, we will continue to be opportunistic in seeking to develop the market for our liquid biopsy solutions internationally,” he added.
BIOC stock was up about 61.8% on Friday following the news.