SAN DIEGO--(BUSINESS WIRE)--Biocept, Inc. (NASDAQ: BIOC), a molecular diagnostics company commercializing and developing liquid biopsies to improve the detection and treatment of cancer, announces that it has entered into an agreement with MultiPlan, Inc. for participation in its national primary PPO, the PHCS Network, and its complementary network, the MultiPlan Network, effective August 1, 2015. MultiPlan is a national provider of healthcare cost management solutions with nearly 900,000 healthcare providers under contract, approximately 68 million healthcare consumers accessing its networks, and approximately 40 million claims processed each year. With the agreement, Biocept’s liquid biopsy diagnostic services will be available to consumers who access MultiPlan’s networks.
“Our ability to gain agreements with companies such as MultiPlan serves as growing evidence that the healthcare community is recognizing the important role liquid biopsy can play in the treatment of patients with cancer,” said Biocept’s President and Chief Executive Officer, Michael Nall. “Surgical tissue biopsies are not always possible for cancer patients who may be too sick for invasive procedures and are impractical when monitoring for disease progression or recurrence. In addition, often when a biopsy is performed, the amount of tissue gained from the procedure is inadequate to perform the genomic testing the patient needs in order to qualify for a targeted therapy. Our blood-based assays provide comparable results at a lower cost.”
“We are excited about becoming a participating provider with MultiPlan, which significantly increases access for our liquid biopsy assays and services to patients with cancer,” said Amy McNeal, Biocept’s Senior Director of Reimbursement. “MultiPlan is a leader in providing innovative payment solutions for both the payor and the provider community.”
About MultiPlan, Inc.
Founded in 1980, MultiPlan is the industry's most comprehensive provider of healthcare cost management solutions. The company provides a single gateway to a host of network and analytics-based solutions for managing the financial risks associated with healthcare claims, as well as products that fight waste, abuse and fraud before payments are made. Clients include insurers, health plans, third-party administrators, self-funded employers, HMOs and other entities that pay medical bills in the commercial healthcare, government, workers compensation and auto medical markets. MultiPlan is owned by an investment group led by Starr Investment Holdings and Partners Group.
Biocept, Inc. is a commercial-stage molecular diagnostics company that utilizes a proprietary technology platform and a standard blood sample to provide physicians with important prognostic and predictive information to enhance individual treatment of patients with cancer. Biocept’s patented technology platform captures and analyzes circulating tumor DNA, both in CTCs and in plasma (ctDNA). Biocept currently offers assays for gastric cancer, breast cancer, lung cancer, colorectal cancer and melanoma, and plans to introduce CLIA-validated assays for prostate cancer and other solid tumors in the near term. 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 the use of our liquid biopsy assays by physicians, the use of liquid biopsy generally, and the impact of liquid biopsy on diagnostic strategies and healthcare costs, 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.