Interpace Announces New Contracts with Multiple Blue Cross Blue Shield Plans
September 30 2019 - 6:55AM
Interpace Diagnostics Group, Inc. (NASDAQ: IDXG) announced today
that it has contracted with 3 independent Blue Cross Blue Shield
(BCBS) plans totaling nearly 5 million covered lives across
Alabama, Arkansas, and Arizona. These members of the BCBS
Association are the largest payers in their respective states and
each affiliate’s customers now have access to both the ThyGeNEXT®
and ThyraMIR® tests for assessing indeterminate thyroid biopsies on
an in-network basis.
The ThyGeNEXT® - ThyraMIR® combination
represents the first and only test on the market that includes the
rule-out properties of next-generation sequencing of a patient’s
DNA and RNA along with the rule-in capabilities of a micro-RNA
classifier to provide physicians with clinically actionable test
results. 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, 70%-80% of these
surgical outcomes are ultimately benign. Molecular testing using
ThyGeNEXT® – ThyraMIR® has been shown to reduce the rate
of unnecessary surgeries in indeterminate cases.
“Interpace continues adding contracts and
expanding the accessibility of its molecular thyroid products to
Blue Cross Blue Shield members across the country”, said Jack
Stover, CEO of Interpace. He continued, “The addition of these BCBS
plans as in-network providers under contract is beneficial to their
members and represents another important milestone for
Interpace.”
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
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.
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.
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 Relations Edison Group
Joseph Green (646) 653-7030 jgreen@edisongroup.com
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