Interpace Diagnostics Announces Increased Reimbursement for ThyGenX®
October 11 2017 - 08:45AM
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
reimbursement for its ThyGenX® molecular test for indeterminate
thyroid nodules will increase by 40% starting January 1,
2018.
Medicare has covered ThyGenX since 2015, and in January 2016,
Medicare initiated coverage of ThyraMIR®, the Company’s miRNA-based
product. Overall, Medicare represents approximately 40% of
the Company’s volume for the ThyGenX test; given the Company’s
recent announcements of coverage for ThyGenX among numerous
commercial health plans, the overall payer mix for the remainder of
the volume has improved significantly since 2016. These commercial
plans include Cigna, Aetna, United Healthcare, and Oxford.
Including Medicare, the total number of covered lives for
Interpace’s ThyGenX molecular test for indeterminate thyroid
nodules is now approximately 275 million patients nationwide.
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. 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, over 70% of
these surgical outcomes are ultimately benign. Molecular
testing using ThyGenX has been shown to reduce the rate of
unnecessary surgeries in indeterminate cases.
Jack E. Stover, President and CEO of Interpace Diagnostics
stated, “We are pleased that Medicare has recognized the value
ThyGenX provides to both physicians and their patients as we
continue to make strides in improving reimbursement.”
About Thyroid Nodules and ThyGenX Testing
According to the American Thyroid Association, approximately
15% to 30% 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.
ThyGenX yields high predictive value in determining the presence
of cancer in thyroid nodules. The test can improve risk
stratification and surgical decision-making when standard
cytopathology does not provide a clear diagnosis for the presence
of cancer. ThyGenX is 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 four commercialized molecular tests; PancraGen® for the
diagnosis and prognosis of pancreatic cancer; ThyGenX, for the
diagnosis of thyroid cancer from thyroid nodules utilizing a next
generation sequencing assay and ThyraMIR®, for the diagnosis of
thyroid cancer utilizing a proprietary gene expression assay and
MVPdX™, a test that differentiates local recurrence of cancer
versus new primary cancer formation. 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 most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q.
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 DiagnosticsInvestor Relations:Paul Kuntz –
Redchippaul@redchip.com
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