SAN DIEGO, Dec. 18, 2017 /PRNewswire/ -- Biocept, Inc. (BIOC), a leading commercial provider of liquid biopsy tests designed to provide physicians with clinically actionable information to improve the outcomes of patients diagnosed with cancer, announces that it has signed an in-network provider agreement with Wellmark, Inc., the largest health insurer in Iowa and South Dakota. The agreement marks Biocept's third Blue Cross Blue Shield contract and enables patients diagnosed with cancer the ability to access the Company's proprietary testing services in-network under their Wellmark health plan.
"Our assays use a simple blood test to help physicians rapidly assess the molecular status of a patient's tumor, a critical factor in the selection of individualized targeted therapy, and provide a non-invasive option for monitoring response to therapy over time," said Biocept's Senior Vice President and Senior Medical Director Veena Singh, MD. "We are pleased that patients with Wellmark will now have in-network access to our highly sensitive Target Selector™ platform."
"The Wellmark contract marks another important milestone in our initiative to increase access for patients with Blue Cross Blue Shield to our Target Selector™ platform," said Michael Nall, President and Chief Executive Officer of Biocept. "In-network status with major health insurers reduces a barrier for patients diagnosed with cancer and their physicians to benefit from our proprietary and patented solutions. With this agreement in place, approximately 200 million patients have in-network access to our testing platform, with some members having access via multiple health plans."
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 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 plasma (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.
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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 diagnosis and treatment of cancer, our ability to increase patient access to our technology, and the ability to receive reimbursement for our tests, 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.