DermTech Announces Contracts With Highmark for the Foundational Assay of Its DermTech Melanoma Test (DMT)
September 19 2023 - 8:05AM
Business Wire
DermTech, Inc. (NASDAQ: DMTK) (DermTech or the Company), a
leader in precision dermatology enabled by a non-invasive skin
genomics technology, today announced agreements with Highmark Inc.
(Highmark). The contracts, which are in addition to a favorable
coverage policy, enhance access to the foundational assay of the
DermTech Melanoma Test (DMT). Highmark and its Blue-branded
affiliates provide health insurance to approximately 7 million
members in Pennsylvania, West Virginia, Delaware and New York. The
Pigmented Lesion Assay (PLA), the foundational assay of the DMT, is
an innovative, non-invasive way to rule out melanoma with a 99
percent negative predictive value (NPV).
“We are pleased to expand our connection with one of the largest
Blues plans in the U.S. and further reduce barriers to access with
our test now available as an in-network benefit,” said Chris
Murphy, senior director of payer access, DermTech. “The DMT test
results provide clinicians with objective and actionable genomic
data for a suspicious lesion, improve patient care and reduce
healthcare costs. After reviewing our portfolio of clinical and
health economic data, payers are recognizing the value of our test
and resulting benefits to their membership, network providers and
health plans.”
DermTech’s total covered lives in the U.S. are approximately 133
million, which includes 68 million for Medicare/Medicare Advantage
and 65 million for commercial and governmental payers.
About The DermTech Melanoma Test
DermTech originally marketed its foundational assay under the
name Pigmented Lesion Assay (PLA). The PLA assesses pigmented skin
lesions, moles or dark skin spots for melanoma. In particular, the
PLA detects expression of the LINC00518 (LINC) and preferentially
expressed antigen in melanoma (PRAME) genes using reverse
transcription-polymerase chain reaction (RT-PCR). The Company
introduced its second-generation test in 2021 as an add-on assay to
PLA, which is designed to identify the presence of mutations in
TERT gene promoter region using DNA sequencing. The Company has
since branded its PLA and TERT add-on-assay as the DermTech
Melanoma Test (DMT). The DMT may be ordered with or without the
add-on test for TERT. Positive results for LINC, PRAME or TERT
correlate with a lesion at higher risk for melanoma. If none of the
biomarkers are detected, this result indicates a 99% probability
that the mole being tested is not melanoma.
About DermTech
DermTech is a leading genomics company in dermatology and is
creating a new category of medicine, precision dermatology, enabled
by its non-invasive skin genomics technology. DermTech’s mission is
to improve the lives of millions by providing non-invasive
precision dermatology solutions that enable individualized care.
DermTech provides genomic analysis of skin samples collected
non-invasively using our Smart Stickers™. DermTech develops and
markets products that facilitate the assessment of melanoma. For
additional information, please visit DermTech.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. The expectations,
estimates, and projections of DermTech may differ from its actual
results and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
"outlook," “anticipate,” “intend,” “plan,” “strive," “may,” “will,”
“could,” “should,” “believe,” “predict,” “potential,” “continue,”
and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements
include, without limitation, expectations and evaluations with
respect to: the performance, patient benefits, cost- effectiveness,
commercialization and adoption of DermTech’s products and the
market opportunity for these products; expectations regarding
DermTech’s potential growth, scale, patient reach, financial
outlook and future financial performance DermTech’s ability to
increase its test volume, revenue and the proportion of reimbursed
billable tests; and expectations regarding agreements with or
reimbursement or cash collection patterns from government payers
(including Medicare) or commercial payers and related billing
practices or number of covered lives. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside of the control of
DermTech and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the outcome of any
legal proceedings that may be instituted against DermTech; (2)
DermTech’s ability to obtain additional funding to develop and
market its products; (3) the existence of favorable or unfavorable
clinical guidelines for DermTech’s tests; (4) the reimbursement of
DermTech’s tests by government payers (including Medicare) and
commercial payers; (5) the ability of patients or healthcare
providers to obtain coverage of or sufficient reimbursement for
DermTech’s products; (6) DermTech’s ability to grow, manage growth
and retain its key employees and maintain or improve its operating
efficiency and reduce operating expenses; (7) changes in applicable
laws or regulations; (8) the market adoption and demand for
DermTech’s products and services together with the possibility that
DermTech may be adversely affected by other economic, business,
and/or competitive factors; and (9) other risks and uncertainties
included in the “Risk Factors” section of the most recent Annual
Report on Form 10-K filed by DermTech with the Securities and
Exchange Commission (the “SEC”), and other documents filed or to be
filed by DermTech with the SEC, including subsequently filed
reports. DermTech cautions that the foregoing list of factors is
not exclusive. You should not place undue reliance upon any
forward- looking statements, which speak only as of the date made.
DermTech does not undertake or accept any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions, or circumstances on which any such statement
is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20230919220339/en/
Steve Kunszabo DermTech (858) 291-1647
steve.kunszabo@dermtech.com
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