Interpace Biosciences, Inc. (“Interpace” or “the Company”), today
announced that Blue Cross Blue Shield of Illinois, owned by Health
Care Services Corporation (HCSC) and the largest health plan in
Illinois with greater than 8 million covered lives, has entered
into an agreement to provide both coverage and in-network status
for Interpace’s molecular combination thyroid tests, ThyGeNEXT® and
ThyraMIR®. The agreement is effective February 25, 2021.
Tom Burnell, President and CEO of Interpace
Biosciences, stated, “We are pleased that Blue Cross Blue Shield of
Illinois, a division of one of the largest payers in United States,
Health Care Services Corporation, has agreed to contract with us
for our molecular tests, making them available to their members on
an in-network basis.” Mr. Burnell continued, “In the past year,
we’ve entered into contracts with 19 health plans nationwide for
coverage and in-network status for ThyGeNEXT® and ThyraMIR®,
reflecting continued payer adoption for our thyroid franchise.”
About ThyGeNEXT® and
ThyraMIR®
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, as well as
Medullary Thyroid Carcinoma. 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 Medicare and most commercial insurers,
with more than 280 million members covered.
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.
About Interpace Biosciences
Interpace Biosciences is an emerging leader in
enabling personalized medicine, offering specialized services along
the therapeutic value chain from early diagnosis and prognostic
planning to targeted therapeutic applications.
Clinical services, through Interpace
Diagnostics, 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
Biosciences 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 versus metastatic origin. In
addition, BarreGEN®, a molecular based assay that helps resolve the
risk of progression of Barrett’s Esophagus to esophageal cancer, is
currently in a clinical evaluation program (CEP) whereby we gather
information from physicians using BarreGEN® to assist us in
gathering clinical evidence relative to the safety and performance
of the test and also providing data that will potentially support
payer reimbursement.
Pharma services, through Interpace Pharma
Solutions, provides pharmacogenomics testing, genotyping,
biorepository, and other customized services to the pharmaceutical
and biotech industries. Pharma services 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,
while also improving patient care.
For more information, please visit Interpace
Biosciences’ website at www.interpace.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 statements including,
but not limited to, the Company’s ability to successfully qualify
maintain the trading of its common stock on the OTCQX® Best Market,
the Company’s ability to achieve projected cost savings and to
successfully enact corporate reprioritization measures, the adverse
impact of the COVID-19 pandemic on the Company’s operations and
revenues, the substantial doubt about the Company’s ability to
continue as a going concern, the Company’s history of operating
losses, the Company’s ability to adequately finance its business,
the Company’s ability to repay its $5M secured bridge loan, the
Company’s dependence on sales and reimbursements from its clinical
services, the Company’s ability to retain or secure reimbursement
including its reliance on third parties to process and transmit
claims to payers and the adverse impact of any delay, data loss, or
other disruption in processing or transmitting such claims, the
Company’s revenue recognition being based in part on estimates for
future collections which estimates may prove to be incorrect, and
the Company’s ability to remediate material weaknesses in internal
controls. 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 filed on April 22, 2020, as
amended on May 29, 2020 and January 19, 2021, Current Reports on
Form 8-K and Quarterly Reports on Form 10-Q and amendments thereto.
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 Group Joseph Green/Megan Paul (646) 653-7030/7034
jgreen@edisongroup.com/mpaul@edisongroup.com
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