GeneNews and NueHealth Announce Partnership in Early Cancer Diagnostics
September 19 2016 - 7:30AM
GeneNews Limited (“GeneNews” or the “Company”) (TSX:GEN) today
announced it has entered into a partnership agreement with
NueHealth, LLC, a privately owned company that delivers value-based
healthcare solutions and connects patients directly to physicians
through integrated provider networks, or IPNs.
Patients who access healthcare through
NueHealth's provider networks will now be able to take advantage of
three different screening tests - ColonSentry®, earlyCDT®-Lung and
Prostate Health Index – which provide early risk stratification of
colorectal cancer, lung cancer and prostate cancer. All three
screenings utilize a quick and convenient blood test and will be
completed at one of NueHealth's many provider-owned care centers.
GeneNews will process the samples through its CAP- and
CLIA-certified Innovative Diagnostic Laboratory (“IDL”) clinical
reference laboratory in Richmond, Virginia.
The partnership has an initial term of three
years and is renewable annually thereafter. GeneNews will provide
individualized risk stratification reports for each patient, the
supply of testing kits and ongoing consultation. The diagnostic
services are provided via a flat-fee model, with NueHealth
responsible for the management of client billing within its
value-based healthcare solution model. While financial terms
were not disclosed, GeneNews noted that it expects this partnership
to significantly accelerate the path toward positive cash-flow and
net profitability.
“We are excited to partner with NueHealth, a key
industry innovator, as they lead the charge toward a healthcare
system that focuses on better patient outcomes and greater patient
value," said James R Howard-Tripp, GeneNews’ Chairman & CEO.
"Healthcare providers are increasingly being held accountable for
their commitment to disease prevention and quality of care. This
new, integrated healthcare model is well-aligned with our risk
stratification testing, which fills a key void in cancer screening,
leading to improved patient adherence, reduced industry costs and
better use of healthcare resources. All of this means patients can
be diagnosed earlier, which means more effective treatment and
better outcomes.”
With its growing national network of integrated
providers and low-cost sites of service, NueHealth is working to
transform healthcare delivery by focusing on improved outcomes and
value-based payment options. The company leverages proprietary
technologies, online platforms and targeted programs and services
to give patients, payors and employers access to a simplified model
driven by affordable, high-quality, streamlined care. This
approach to healthcare aligns seamlessly with GeneNews, whose
services give patients and physicians personalized clinical insight
and actionable information to improve health outcomes through early
diagnosis of disease.
“One of our key drivers at NueHealth is to
empower patients – we want them to take control of their health and
assume a proactive role when it comes to choosing care,” said Dan
Tasset, Chairman of NueHealth. “Partnering with companies like
GeneNews and offering innovative services like early cancer risk
screenings are vital to giving patients the tools they need to stay
healthy, and at the same time we’re driving down the overarching
cost of care, not just for patients but for providers and
employers, too. It’s our goal to make healthcare simple,
affordable, and more accessible, and we believe partnering with
GeneNews will help us do that.”
About GeneNews
GeneNews is committed to becoming a leader in
advanced diagnostics and personalized medicine, serving as a strong
commercialization outlet for early detection of cancer and other
chronic diseases. Our mission is to identify, assess and make
commercially available a comprehensive menu of diagnostics that
provide physicians and patients with personalized clinical
intelligence and actionable information to improve health out-comes
through the early diagnosis of disease. Our Richmond,
Virginia-based Innovative Diagnostics Laboratory clinical reference
lab specializes in traditional and advanced clinical evidence-based
blood testing that helps find, understand, and address cancer risk
in patient populations. Currently, IDL offers risk assessment blood
tests for the three most prevalent cancer types - colon, lung and
prostate. GeneNews' common shares trade on the Toronto Stock
Exchange under the symbol 'GEN'. More information on
GeneNews can be found at www.GeneNews.com.
About NueHealth
NueHealth is putting healthcare back into your
hands. Right where it belongs. As your gateway to value-based
healthcare, we have engineered an integrated world of primary and
specialty care, interactive telehealth and online services,
customized wellness and benefit programs, and more. At the center,
we've stablished an unparalleled team of care coordinators to
navigate you and your family through a seamless and satisfying
experience. Because when we connect you to the right provider at
the right time and at the right site of service, we help ensure
quality outcomes and effectively drive down costs. Welcome to
NueHealth: a simpler world of affordable, high-quality, streamlined
healthcare.
Forward-Looking Statements
This press release contains forward-looking
statements identified by words such as "expects", "will" and
similar expressions, which reflect the Company's current
expectations regarding future events, including the restructuring
of its business. These forward-looking statements involve risks and
uncertainties and material assumptions - including those related to
general business and economic conditions as well as our ability to
complete an orderly restructuring of the Company's operations which
may include a strategic financing, sale, merger, or other business
combination - that could cause the Company's actual events to
differ materially from those projected herein. Investors should
consult the Company's ongoing quarterly filings and annual reports
for additional information on risks and uncertainties relating to
these forward-looking statements. The reader is cautioned not to
rely on these forward-looking statements. The Company disclaims any
obligation to update these forward-looking statements, except as
required by law.
Company Contact:
James R. Howard-Tripp
Chairman & CEO
Office: (905) 209-2030
jhoward-tripp@genenews.com
Investor & Media Contact:
Stephen Kilmer
Kilmer Lucas Inc.
Office: (212) 618-6347
stephen@kilmerlucas.com