Interpace Diagnostics Announces Contract with Blue Cross Blue Shield of Michigan
July 31 2019 - 6:55AM
Interpace Diagnostics Group, Inc. (NASDAQ: IDXG) announced today
that it has contracted with Blue Cross Blue Shield (BCBS) of
Michigan, a not-for-profit independent member of the Blue Cross
Blue Shield Association with 4.5 million members in the State of
Michigan, making it the largest payer in the State, along with
another 1.6 million members across multiple other States. The
contract makes the ThyGeNEXT® and ThyraMIR® tests both covered
services as well as in-network services for their total of 6
million members. As a result of this Agreement, members of BCBS of
Michigan’s plans will be able to access Interpace’s molecular
thyroid tests on an in-network basis, which will limit their out of
pocket expenses in accordance with their in-network benefit levels.
Interpace has successfully achieved positive medical coverage for
its services through Medicare as well as other leading National and
Regional health plans and is now contracting with them..
The ThyGeNEXT® - ThyraMIR® combination
represents the only test in the market that includes the rule-in
properties of next-generation sequencing of a patient’s DNA and RNA
along with the rule-out capabilities of a micro-RNA classifier to
provide physicians with clinically actionable test results.
According to the American Cancer Society, thyroid cancer is the
most rapidly increasing cancer in the U.S., tripling in the past
three decades. Most physicians have traditionally recommended
thyroid surgery where thyroid nodule biopsy results are
indeterminate, not clearly benign or malignant, following
traditional cytopathology review; however, 70%-80% of these
surgical outcomes are ultimately benign.Molecular testing using
ThyGeNEXT® – ThyraMIR® has been shown to reduce the rate of
unnecessary surgeries in indeterminate cases.
According to Jack Stover, CEO of Interpace,
“This contract, with one of the largest BCBS plans in the country,
represents another milestone in solidifying our molecular thyroid
products’ place in the market.”He continued, “These 6 million
members now have access to ThyGeNEXT® and ThyraMIR® on an
in-network basis providing them not only the sole combined testing
platform available but a cost-effective solution as well.”
About Thyroid Nodules,
ThyGeNEXT® and ThyraMIR®
Testing
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 ThyGeNEXT® and ThyraMIR®.
ThyGeNEXT® 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.
ThyGeNEXT® 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 ThyGeNEXT® and ThyraMIR® are covered by both
Medicare and Commercial insurers, with more than 280 million
patients covered.
About Interpace Diagnostics, Group, Inc.
Interpace is a leader in enabling personalized
medicine, offering specialized services along the therapeutic value
chain from early diagnosis and prognostic planning to targeted
therapeutic applications.
Interpace’s Diagnostic Business is a fully
integrated commercial and bioinformatics business unit that
provides clinically useful molecular diagnostic tests,
bioinformatics and pathology services for evaluating risk of cancer
by leveraging the latest technology in personalized medicine for
improved patient diagnosis and management. Interpace has four
commercialized molecular tests and one test in a clinical
evaluation process (CEP): PancraGEN® for the diagnosis and
prognosis of pancreatic cancer from pancreatic cysts;
ThyGeNEXT® for the diagnosis of thyroid cancer from thyroid
nodules utilizing a next generation sequencing assay;
ThyraMIR® for the diagnosis of thyroid cancer from thyroid
nodules utilizing a proprietary gene expression assay; and
RespriDX® that differentiates lung cancer of primary vs.
metastatic origin. In addition, BarreGEN® for Barrett’s
Esophagus, is currently in a clinical evaluation program whereby we
gather information from physicians using BarreGEN® to assist
us in positioning the product for full launch, partnering and
potentially supporting reimbursement with payers.
Interpace’s Biopharma Business is a market
leader in providing pharmacogenomics testing, genotyping, and
biorepository services to the pharmaceutical and biotech
industries. The Biopharma Business also advances personalized
medicine by partnering with pharmaceutical, academic, and
technology leaders to effectively integrate pharmacogenomics into
their drug development and clinical trial programs with the goals
of delivering safer, more effective drugs to market more quickly,
and improving patient care.
For more information, please visit Interpace’s website
at www.interpacediagnostics.com.
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.
Additionally, all forward-looking statements are subject to the
“Risk Factors” detailed from time to time in the Company's most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10Q. 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: Investor RelationsEdison GroupJoseph
Green(646) 653-7030jgreen@edisongroup.com
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