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.
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 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.
Contacts: Investor RelationsEdison GroupJoseph
Green(646) 653-7030jgreen@edisongroup.com
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