Biocept Inc BIOC 48.55% shares were ripping higher Friday following the announcement of a provider agreement with Alliance Global.

The stock was rallying 58.32 percent to $10.31 at the time of publication.

What Happened

Biocept, a provider of liquid biopsy tests, said it has signed a provider agreement with Alliance Global to market its Target Selector liquid biopsy tests in the United Arab Emirates and select countries in the Middle East; north and sub-Saharan Africa; and Southeast Asia region.

The Target Selector liquid biopsy technology platform analyzes tumor-associated molecular markers in both circulating tumor cells and in plasma, according to Biocept.

Why It’s Important

With this distribution and marketing agreement, Biocept now has a foothold in 16 countries in addition to the U.S. through eight international agreements.

“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,” Biocept President and CEO Michael Nall said in a statement.

What’s Next

All diagnostic testing services under the agreement will be performed in Biocept’s San-Diego-based, CLIA-certified lab, the company said. Alliance will assume responsibility for sales, marketing, distribution and reimbursement.