Rosetta Expands Managed Care Coverage with New Preferred Provider Agreement for Entire Suite of Diagnostic Tests and Services
June 23 2016 - 08:00AM
Business Wire
Provides update on reimbursement progress with
RosettaGX Reveal™
Rosetta Genomics Ltd. (NASDAQ:ROSG), a leading developer and
provider of microRNA-based and other molecular diagnostics, today
announces a new participation agreement with Preferred Provider
Organization (PPO), Stratose Inc., as a preferred laboratory
provider.
This new agreement covers more than 8.5 million members and
increases Rosetta’s participation as a preferred provider to more
than 163 million eligible contracted lives.
A PPO is a managed care organization of medical doctors,
hospitals and other health care providers that has contracted with
an insurer or a third party administrator (TPA) to provide health
care at reduced rates to the insurer's or administrator's
clients.
“We are gratified to add Stratose to our growing list of
established health care networks. This agreement is expected to
enhance both the timing and percentage of payments for our testing
services, which is a key factor in achieving efficiency in the
delivery and distribution of our entire suite of high-value
diagnostic tests and services,” noted Kenneth A. Berlin, President
and Chief Executive Officer of Rosetta Genomics. “This agreement
should enhance the momentum we are building with payments, which
includes a record first quarter of more than $2.6 million in
collections. We look forward to working with the Stratose network
and to continuing to execute additional agreements such as this in
order to broaden access to our growing portfolio of molecular
diagnostics and testing services.
“We are particularly pleased to expand patient access for
RosettaGX Reveal, our recently launched, first-of-its-kind microRNA
classifier for indeterminate thyroid nodules. This new patient
access, along with recently published data in support of its
analytical verification should enhance our commercial efforts. In
addition, we do not expect the Centers for Medicare & Medicaid
Services’ (CMS) recently proposed gap-fill pricing reductions to
affect Reveal or RosettaGX Cancer OriginTM as our tests are
differentiated from other products and, therefore, are remunerated
under separate reimbursement codes. Importantly,we continue to
improve commercial traction and to make excellent progress with key
providers and, as we have consistent payments from one of our
important payors, we have begun accruing revenues for RosettaGX
Reveal for tests billed to that payor. We expect that our ongoing
validation studies will advance our efforts to secure additional
reimbursement and access to our cutting edge diagnostic assays with
important networks such as Stratose,” added Mr. Berlin.
About Rosetta Genomics
Rosetta develops and commercializes a full range of
microRNA-based and other molecular diagnostics. Rosetta’s
integrative research platform combining bioinformatics and
state-of-the-art laboratory processes has led to the discovery of
hundreds of biologically validated novel human microRNAs. Building
on its strong patent position and proprietary platform
technologies, Rosetta is working on the application of these
technologies in the development and commercialization of a full
range of microRNA-based diagnostic tools. Through the acquisition
of PersonalizeDx, the Company now offers core FISH, IHC and
PCR-based testing capabilities and partnerships in Pathology,
Oncology and Urology that provide additional content and platforms
that complement Rosetta’s microRNA and Next-Gen Sequencing
offerings. RosettaGX Reveal™, a Thyroid microRNA Classifier for the
diagnosis of indeterminate thyroid FNA smears, as well as the full
RosettaGX™ portfolio of cancer testing services are commercially
available through the Company’s Philadelphia, PA- and Lake Forest,
CA-based CAP-accredited, CLIA-certified labs,. For more information
visit www.rosettagx.com.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta’s future
expectations, plans and prospects including, but not limited to
statements relating to the enhancement of momentum, timing and
percentage of payment for our testing services, the achievement of
efficiency in the delivery and distribution of our entire suite of
high-value diagnostic tests and services, the execution of
additional agreements, the broadening of access to our growing
portfolio of molecular diagnostics and testing service, the
enhancement of our commercial efforts, our expectation that the
Centers for Medicare & Medicaid Services’ (CMS) recently
proposed gap-fill pricing reductions will not affect Reveal or
RosettaGX Cancer Origin, our ability to make continuing progress
with key providers, and our expectation that our ongoing clinical
and pharmaco-economic validation will advance our efforts to secure
additional reimbursement and access to our cutting edge diagnostic
assays constitute forward-looking statements for the purposes of
the safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by these forward-looking statements as a result of
various important factors, including those risks more fully
discussed in the "Risk Factors" section of Rosetta’s most recently
filed Annual Report on Form 20-F, as filed with the SEC. In
addition, any forward-looking statements represent Rosetta’s views
only as of the date of this release and should not be relied upon
as representing its views as of any subsequent date. Rosetta does
not assume any obligation to update any forward-looking statements
unless required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160623005278/en/
Rosetta Genomics:Ken Berlin, 267-298-1159President &
CEOinvestors@rosettagx.comorRosetta Genomics
Investors:LHAAnne Marie Fields,
212-838-3777afields@lhai.com
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