The agreement includes utilizing Biocept’s patented, proprietary Target Selector platforms to develop assays with both circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA).
Following the successful completion of the first phase of the agreement, Biocept has qualified for an expanded pipeline of projects with associated milestone payments that could reach $500,000 or more based on the development of multiple assays. Additional terms of the contract were not disclosed.
"As we accumulate more data demonstrating the validity of our dual CTC and ctDNA Target Selector platforms, more pharmaceutical companies are taking notice," said Lyle Arnold, PhD, Biocept’s Senior Vice President and Chief Scientific Officer.
"We earned this project based on the flexible and robust capabilities of our technology to develop tests for multiple tumor types."
"We are executing on a stated objective for 2016 of increasing the utilization of our tests in clinical trials and this agreement is our second with a major pharmaceutical company this year," said Michael W. Nall, President and CEO of Biocept.
"We see a significant opportunity for pharma companies to employ our liquid biopsy tests to profile specific biomarkers in their oncology drug development activities. Pharmaceutical master services agreements can take months or years to develop and labs must perform the testing on time, within under high-quality control standards.
"We have already shown our ability to perform and are pleased to enter into this multi-project contract as we further expand into this important aspect of our business."
Biocept 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 more precise information for treating and monitoring patients with cancer.
The company’s patented Target Selector™ liquid biopsy technology platform captures and analyzes circulating tumor material in both CTCs and in ctDNA.
The platform has proven to be effective in identifying cancer mutations. Biocept plans to introduce additional CLIA-validated tests in the near term.
