Interpace Diagnostics (NASDAQ:IDXG)
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6 Months : From Mar 2019 to Sep 2019
Key Regional Health Plan Further Expands Number of Covered Lives to Over 280 Million
Interpace Diagnostics Group, Inc. (NASDAQ: IDXG) announced today that Medica, one of the largest health plans spanning numerous states throughout the Midwest, has extended coverage of both ThyGeNEXT™ and ThyraMIR® to its 1.3 million covered lives. Physicians across Medica’s entire network will now be able to utilize Interpace’s thyroid products to assess indeterminate nodules providing patients with added diagnostic options.
The ThyGeNEXT™/ThyraMIR® combination represents the only test in the market that includes the rule-in properties of next-generation sequencing of the patient’s DNA and RNA along with the rule-out capabilities of a micro-RNA classifier to provide physicians with clinically actionable test results. Since ThyGenX was launched in 2014, Interpace has conducted over 25,000 thyroid tests for over 700 physicians and hospitals nationwide. The Company then launched ThyGeNEXT™, equipped with next-generation sequencing technology, to provide an expanded offering that now includes markers of aggressiveness as well as other markers that provide physicians with incremental insights to assist in treatment decision making.
Medica is a non-profit health plan that serves communities in Minnesota, Iowa, Kansas, Missouri, Nebraska, North Dakota, Oklahoma, South Dakota and Wisconsin. It provides health care coverage in the employer, individual, Medicaid and Medicare markets along with national network coverage to employers who have employees outside the Medica regional network.
Jack Stover, President and CEO of Interpace, stated, “We are pleased that Medica, one of the largest Midwestern health plans in the U.S., is now covering our molecular thyroid tests and that these members and their families now have access to our thyroid assays.” Mr. Stover continued, “This continues the trend we have seen among other health care plans, both national and regional, to make our unique ThyGeNEXT™/ ThyraMIR® combination tests available to their members.”
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
Interpace is a fully integrated commercial and bioinformatics 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 improved patient diagnosis and management. The Company currently 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. BarreGEN® for Barrett's Esophagus, is currently being “soft launched” with key opinion leaders as we continue to gather data on this assay that will assist us in seeking favorable reimbursement as well as important clinical information. Barrett's Esophagus is a rapidly growing diagnosis that affects over three million people in the US and over time can progress to esophageal cancer. The Company’s data base includes data from over 50,000 patients who have been tested using the Company’s current products, including over 25,000 molecular tests for thyroid nodules. Interpace has been designated by the 2018 edition of CIO Applications as one of the top 10 companies for providing bioinformatics solutions. Interpace’s mission is to provide personalized medicine through molecular diagnostics, innovation and data to advance patient care based on rigorous science. 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. Known and unknown risks, uncertainties and other factors include, but are not limited to, the Company's ability to adequately finance its business, 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 tests, in-licensing or other means, projections of future revenues, growth, gross profit and anticipated internal rate of return on investments, its ability to maintain its NASDAQ listing and other risks. 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 2018 Annual Report on Form 10-K filed with the SEC and the Company’s Quarterly Reports on Form 10-Q filed. 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 Relations - Edison GroupJoseph Green(646) email@example.com