OncoCyte Executive to Address Next Generation Dx Summit on Successful Reimbursement Strategies for Diagnostic Tests
May 09 2017 - 7:00AM
OncoCyte Corporation (NYSE MKT:OCX), a developer of novel,
non-invasive tests for the early detection of
cancer, announced today that William Haack, Vice President of
Market Access, will address the Next Generation Dx Summit 2017 on
successful reimbursement strategies for diagnostic tests. Mr.
Haack’s presentation, titled “The Reimbursement Crisis for
Molecular Diagnostics is a Myth”, is being given on Wednesday,
August 16, 2017, at 8:55 a.m. Eastern Daylight Time. The Next
Generation DX Summit is taking place at the Grand Hyatt Washington
in Washington, D.C., from August 15-18, 2017.
“Fundamental to insurance reimbursement is clinical
utility – proving that your test works and that it provides value
to the healthcare system. Companies that present good clinical
validation data and good clinical utility data to the insurance
companies and Medicare will get reimbursement,” said Mr. Haack.
Mr. Haack has over 20 years of life science
experience. This includes nine years at Genomic Health where he led
Commercial Operations and Market Access, a department he developed
from infancy to over 120 people and that supported Genomic Health’s
growth to nearly $300 million in annual global revenues.
“Since joining OncoCyte in June 2016, Bill has
utilized his extensive diagnostic experience to develop a
sophisticated and comprehensive reimbursement and market access
strategy for our lung cancer diagnostic test,” said William Annett,
Chief Executive Officer. “A key to that strategy was to approach
payors to get feedback on our clinical validation and clinical
utility studies. In discussions with 10 payors representing 77
million covered lives, the Company’s reimbursement strategy and
R&D plans were well received. As a result, we anticipate broad
coverage by both public and private payors if we meet our clinical
endpoints in our upcoming clinical validation study.”
About the Next Generation Dx Summit
2017
The Next Generation Dx Summit 2017 convenes more
than 1,000 international diagnostic professionals for valuable
networking and comprehensive programming spanning from clinical
diagnostics to business strategy. Now in its ninth year, the event
has grown to include novel immunotherapy biomarkers, cell-free DNA,
companion diagnostics, infectious disease, point-of-care,
pharmacy-based diagnostics, clinical NGS assays, commercialization,
reimbursement, prenatal testing, circulating tumor cells, critical
care, forensics, digital PCR, microfluidics, and microbiome
diagnostics. The Next Generation Dx Summit is a must-attend event
with complete coverage of the most timely and important issues for
the industry.
About OncoCyte’s Lung Cancer Confirmatory
Diagnostic Test
OncoCyte’s confirmatory non-invasive liquid biopsy
test is intended to facilitate clinical decision making in lung
cancer diagnosis. The diagnostic is being developed as an
intermediate step to confirm the absence of cancer between imaging
modalities (LDCTs) detecting suspicious lung nodules and downstream
invasive procedures that determine if the nodules are malignant.
Initial studies show strong predictive ability in distinguishing
between benign and malignant nodules. Upon completion of the
clinical validation studies currently underway, OncoCyte
anticipates the commercial launch of its lung cancer diagnostic in
late 2017.
About OncoCyte Corporation
OncoCyte is primarily focused on the development
and commercialization of novel, non-invasive blood and urine
(“liquid biopsy”) diagnostic tests for the early detection of
cancer to improve health outcomes through earlier diagnoses, to
reduce the cost of care through the avoidance of more costly
diagnostic procedures, including invasive biopsy and cystoscopic
procedures, and to improve the quality of life for cancer
patients.
While current biopsy tests use invasive surgical
procedures to provide tissue samples in order to determine if a
tumor is benign or malignant, OncoCyte is developing a next
generation of diagnostic tests that will be based on liquid
biopsies using blood or urine samples. OncoCyte’s pipeline products
are intended to be confirmatory diagnostics for lung, bladder and
breast cancer. OncoCyte’s diagnostic tests are being developed
using proprietary sets of genetic and protein biomarkers that are
differentially expressed in specific types of cancer.
Forward Looking Statements
This press release contains forward-looking
statements. Any statements that are not historical fact
(including, but not limited to statements that contain words such
as “will,” “believes,” “plans,” “anticipates,” “expects,”
“estimates”) are forward-looking statements. These statements
include those pertaining to future financial and/or operating
results, future growth in research, technology, clinical
development, and potential opportunities for OncoCyte, along with
other statements about the future expectations, beliefs, goals,
plans, or prospects expressed by management. Forward-looking
statements involve risks and uncertainties, including, without
limitation, risks inherent in the development and/or
commercialization of potential diagnostic tests or products,
uncertainty in the results of clinical trials or regulatory
approvals, the need and ability to obtain future capital,
maintenance of intellectual property rights, and the need to obtain
third party reimbursement for patients ’use of any diagnostic tests
we commercialize. Actual results may differ materially from the
results anticipated in these forward-looking statements and as such
should be evaluated together with the many uncertainties that
affect the business of OncoCyte, particularly those mentioned in
“Risk Factors” found in OncoCyte’s Securities and Exchange
Commission filings. OncoCyte disclaims any intent or obligation to
update these forward-looking statements, except as may be required
by law.
Investor Contact:
EVC Group, Inc.
Doug Sherk / Matt Haines
646-445-4800
dsherk@evcgroup.com / mhaines@evcgroup.com
Financial Media Contact:
GIBSON Communications, LLC
Tom Gibson
201-476-0322
tom@tomgibsoncommunications.com