Interpace Diagnostics (NASDAQ:IDXG)
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2 Months : From Jul 2019 to Sep 2019
Interpace Diagnostics Group, Inc. (NASDAQ: IDXG) announced today that it has reached an agreement with SelectHealth (a plan associated with Intermountain Healthcare) to provide its proprietary thyroid cancer assays, ThyGeNEXT® and ThyraMIR® to SelectHealth’s more than 850,000 members in Utah and Idaho. Physicians across SelectHealth’s entire network will now be able to utilize Interpace’s thyroid tests to assess indeterminate thyroid nodules thereby providing physicians with additional diagnostic options. In addition, Interpace will now be an in-network laboratory for the provision of these services to SelectHealth’s members thereby helping patients maximize healthcare benefits and minimize out of pocket costs.
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.
Jack Stover, President and CEO of Interpace, stated, “We are pleased that SelectHealth is now covering our molecular thyroid tests and that their members and their families now have access to our thyroid assays on an in-network basis.” 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, 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.
About Intermountain Healthcare
Intermountain Healthcare is a Utah-based, not-for-profit system of 24 hospitals (includes ”virtual” hospital), a Medical Group with more than 2,400 physicians and advanced practice clinicians at about 160 clinics, a health plans division called SelectHealth, and other health services. Helping people live the healthiest lives possible, Intermountain is widely recognized as a leader in clinical quality improvement and efficient healthcare delivery.
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 fact that there is no assurance that there will be shareholder approval of a portion of Ampersand’s investment or that Ampersand will make the second tranche investment, that the acquisition will be successfully integrated with the Company, or that the potential benefits of the acquisition, including future revenues, will be successfully realized, the Company’s history of losses, the market's acceptance of its tests, the Company’s ability to retain and secure reimbursement, and the Company’s ability to maintain its NASDAQ listing, among other things. 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.
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