SAN DIEGO, April 3, 2017 /PRNewswire/ -- Biocept, Inc. (NASDAQ: BIOC), a leading commercial provider of liquid biopsy tests designed to provide physicians with clinically actionable information to improve the outcomes of cancer patients, announces that it has entered into a Preferred Provider Collaboration and Services Agreement with Oregon Health & Sciences University on behalf of the OHSU Knight Cancer Institute (collectively "OHSU"). The multiphase agreement grants OHSU the rights to commercially offer Biocept's Target Selector™ liquid biopsy testing
services exclusively throughout the state of Oregon. Additionally, Biocept and OHSU plan to engage in technology transfer, whereby OHSU will have the ability to use Target Selector™ assays in-house, and act as a secondary laboratory for Biocept's research and testing activities. Biocept and OHSU also plan to co-develop additional liquid biopsy assay technologies and platform capabilities including highly sensitive, multiplexed assay panels for molecular biomarker detection and assessment.
OHSU's Knight Diagnostic Laboratories ("KDL") selected Biocept's Target Selector™ platform after evaluating several commercially available and research-stage liquid biopsy technologies throughout the industry. Additional R&D and commercial pilot projects are anticipated under the agreement. Financial terms were not disclosed.
"We are pleased to enter into this collaboration with Biocept, and to increase the use of liquid biopsy in our cancer center and throughout the greater Oregon region," stated Christopher Corless, M.D., Ph.D., Executive Director and Chief Medical Officer of KDL, and Professor of Pathology at OHSU. "Liquid biopsy offers several advantages including the ability to obtain molecular information from a patient's cancer rapidly and non-invasively. The high sensitivity and low cost potential of Biocept's Target Selector™ platform was attractive to us, and we look forward to working with the Company to develop additional assays, multiplexed panels, and applications of this technology to improve patient
The OHSU Knight Cancer Institute is an international leader in cancer research and personalized cancer treatment. The institute's director, Brian Druker, M.D., helped usher in the era of personalized cancer medicine with his discovery that cancer cells could be shut down by disabling the molecules that drive their growth without harming healthy cells. The drug resulting from that research, Gleevec®, revolutionized how cancer is treated, and inspired a new wave of exploration of targeted cancer therapies. The
Knight Cancer Institute first received National Cancer Institute (NCI) designation in 1997 - an honor earned only by the nation's top cancer centers. In June 2015, Oregon Health & Sciences University announced that the $1 billion fundraising challenge by Nike co-founder Phil Knight and his wife Penny was reached, setting a new philanthropic record. With $1 billion in new funding, the Knight Cancer Institute began to fast-track recruitment of scientists and physician investigators, and broke ground on the Knight Cancer Research Building. As Oregon's only NCI-designated cancer center, the Knight Cancer Institute is committed to partnering with physicians from
across the region to care for patients with cancer.
"Our agreement with OHSU is a major milestone for Biocept, as we increase our commercial footprint by partnering with one of the most prestigious cancer centers in the nation," said Michael W. Nall, Biocept's President and CEO. "Our Target Selector™ platform was chosen by KDL based on several important differentiating features that we believe are advancing liquid biopsy to transform the standard of care for cancer treatment. We look forward to working with KDL to develop new applications for our technology and solidify our leadership position in the market."
Biocept, Inc. is a molecular diagnostics company with commercialized assays for lung, breast, gastric, colorectal and prostate cancers, and melanoma. The Company uses its proprietary liquid biopsy technology to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with cancer. The Company's patented Target Selector™ liquid biopsy technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells (CTCs) and in circulating tumor DNA (ctDNA). With thousands of tests performed, the platform has demonstrated the ability to identify cancer mutations and alterations to inform physicians about a patient's disease and therapeutic options. For additional information, please visit www.biocept.com.
Forward-Looking Statements Disclaimer Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this release are not strictly historical, including without limitation statements as to our ability to improve the outcomes of cancer patients, our ability to co-develop additional
liquid biopsy assay technologies and platform capabilities, liquid biopsy transforming the standard of care for cancer treatment, our ability to solidify our leadership position in the liquid biopsy market, and our ability to increase the clinical adoption of our testing services, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our Securities and Exchange Commission (SEC) filings. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this release. We do not plan to update any such forward-looking statements and expressly disclaim any duty
to update the information contained in this press release except as required by law. Readers are advised to review our filings with the SEC, which can be accessed over the Internet at the SEC's website located at www.sec.gov.
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SOURCE Biocept, Inc.