Interpace Diagnostics Announces National Contract with Aetna
June 28 2017 - 8:15AM
Interpace Diagnostics Group, Inc. (NASDAQ:IDXG) (“Interpace” or
“the Company”), a fully integrated commercial company that provides
clinically useful molecular diagnostic tests and pathology services
for improved patient diagnosis and management announced today that
it has signed a new national contract with Aetna for its ThyGenX
®and ThyraMIR® molecular tests for indeterminate thyroid nodules.
Aetna is the third largest health plan in the United States,
with over 44.9 million members nationwide. The agreement covers
many of Aetna’s products, including commercial and Medicare
Advantage plans. It does not include Medicaid, auto insurance, or
workman’s compensation products. The agreement goes into effect
August 15, 2017. Aetna began covering ThyGenX in June 2015 and
ThyraMIR in November 2016.
The agreement is the Company’s first national provider contract
with a national health plan and means that Interpace will now be
part of Aetna’s laboratory network for these services.
“The agreement with Aetna is another significant reimbursement
milestone demonstrating our ability to convert our product coverage
approvals with major insurance providers into successful
contractual agreements,” said Jack E. Stover, Interpace’s President
and CEO, “Coverage of our thyroid products has continued to
increase and improve over the past few quarters and now totals over
250 million covered lives.”
About Thyroid Nodules, ThyGenX and ThyraMIR
testing
ThyGenX - ThyraMIR represents the only test in the market that
combines the rule-in properties of next-generation sequencing of a
patient’s DNA and RNA, with rule-out capabilities of a micro-RNA
classifier to provide physicians with clinically actionable test
results. Based on current performance, over 80% of the Company’s
total cases are reflexed to ThyraMIR for additional
assessment. The Company first launched ThyraMIR on April 15,
2015 making it available to Endocrinologists and Pathologists
throughout the country. Since then, the Company has conducted
over 15,000 tests for nearly 400 physicians and hospitals
nationwide.
According to the American Thyroid Association,
approximately 20% of the 525,000 thyroid fine needle aspirations
(FNAs) performed on an annual basis in the U.S. are indeterminate
for malignancy based on standard cytological evaluation, and thus
are candidates for ThyGenX and ThyraMIR.
ThyGenX and ThyraMIR reflex testing yields high predictive value
in determining the presence and absence of cancer in thyroid
nodules. The combination of both tests can improve risk
stratification and surgical decision-making when standard
cytopathology does not provide a clear diagnosis for the presence
of cancer.
ThyGenX utilizes state-of-the-art next-generation sequencing
(NGS) to identify more than 100 genetic alterations associated with
papillary and follicular thyroid carcinomas, the two most common
forms of thyroid cancer. ThyraMIR is the first microRNA gene
expression classifier. MicroRNAs are small, non-coding RNAs
that bind to messenger RNA and regulate expression of genes
involved in human cancers, including every subtype of thyroid
cancer. ThyraMIR measures the expression of 10 microRNAs.
Both ThyGenX and ThyraMIR are covered by both Medicare and many
Commercial insurers.
About Interpace Diagnostics Group,
Inc.
Interpace Diagnostics is a fully integrated commercial
company that provides clinically useful molecular diagnostic tests
and pathology services for evaluating risk of cancer by leveraging
the latest technology in personalized medicine for better patient
diagnosis and management. The Company currently has three
commercialized molecular tests; PancraGen® for the diagnosis and
prognosis of pancreatic cancer from pancreatic cysts; ThyGenX, for
the diagnosis of thyroid cancer from thyroid nodules utilizing a
next generation sequencing assay and ThyraMIR, for the diagnosis of
thyroid cancer from thyroid nodules utilizing a proprietary gene
expression assay. Interpace Diagnostics' mission is to
provide personalized medicine through molecular diagnostics and
innovation to advance patient care based on rigorous science.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995, relating to the
Company's future financial and operating performance. The Company
has attempted to identify forward looking statements by terminology
including "believes," "estimates," "anticipates," "expects,"
"plans," "projects," "intends," "potential," "may," "could,"
"might," "will," "should," "approximately" or other words that
convey uncertainty of future events or outcomes to identify these
forward-looking statements. These statements are based on current
expectations, assumptions and uncertainties involving judgments
about, among other things, future economic, competitive and market
conditions and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are
beyond the Company's control. These statements also involve known
and unknown risks, uncertainties and other factors that may cause
the Company's actual results to be materially different from those
expressed or implied by any forward-looking statement. Known and
unknown risks, uncertainties and other factors include, but are not
limited to, the Company's ability to adequately finance the
business, its ability to restructure its liabilities and other
obligations, the market's acceptance of its molecular diagnostic
tests, its ability to retain or secure reimbursement, its ability
to secure additional business and generate higher profit margins
through sales of its molecular diagnostic tests, in-licensing or
other means, projections of future revenues, growth, gross profit
and anticipated internal rate of return on investments and its
ability to maintain its NASDAQ listing. Additionally, all
forward-looking statements are subject to the risk factors detailed
from time to time in the Company's filings with the SEC, including
without limitation, the Annual Report on Form 10-K filed with the
SEC on March 31, 2017 and the amendment on Form 10K/A filed on
April 28, 2017, the Quarterly Report on Form 10-Q for the quarter
ended March 31, 2017 filed with the SEC on May 12, 2017.
Because of these and other risks, uncertainties and assumptions,
undue reliance should not be placed on these forward-looking
statements. In addition, these statements speak only as of the date
of this press release and, except as may be required by law, the
Company undertakes no obligation to revise or update publicly any
forward-looking statements for any reason.
CONTACTS:
Interpace Diagnostics
Investor Relations:
Paul Kuntz – Redchip
paul@redchip.com
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