Interpace Diagnostics Announces Contract with BCBS of Massachusetts
March 10 2020 - 6:55AM
Interpace Diagnostics, a subsidiary of Interpace Biosciences
(NASDAQ: IDXG) announced today that it has entered into a contract
with Blue Cross Blue Shield of Massachusetts with over 3 million
members in Massachusetts and across New England. The contract
expands Interpace’s ThyGeNEXT® and ThyraMIR® thyroid assays as both
covered services and now in-network services for BCBS of
Massachusetts’ 3 million members and their families. As a result of
this Agreement, members of BCBS of Massachusetts can take advantage
of the benefits of ThyGeNEXT® and ThyraMIR® testing due to
Interpace’s status as an in-network provider. While terms of this
Agreement are not disclosed, Interpace now benefits from a claim
adjudication perspective as an in-network lab.
Interpace has also successfully achieved
positive medical coverage for its services through Medicare as well
as other leading National and Regional health plans and is now
entering into contracts to confirm such agreements.
According to Jack Stover, CEO of Interpace,
“This contract with Blue Cross Blue Shield of Massachusetts
continues our trend of establishing improved reimbursement through
participation as an in-network provider. I’m pleased to announce
that this is the first contract secured by our new VP of Managed
Care and Payer Relations, Jeff Salzman.”
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 ThyGenX® and ThyraMIR®.
ThyGenX® 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.
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. 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 ThyGenX® and ThyraMIR® are covered by both Medicare
and Commercial insurers.
About Interpace Biosciences
Interpace Biosciences 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.
The Interpace Diagnostics division 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.
The Interpace Pharma Solutions division provides
pharmacogenomics testing, genotyping, biorepository and other
customized services to the pharmaceutical and biotech industries.
The Pharma Solutions 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 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 statement.
Additionally, all forward-looking statements are subject to the
risk factors detailed from time to time in the Company's filings
with the SEC, including without limitation, the Annual Report on
Form 10-K and the company’s Quarterly Reports filed with the SEC.
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 Diagnostics Investor Relations: Joe Green(646)
653-7030jgreen@edisongroup.comEdison Group
Interpace Biosciences (NASDAQ:IDXG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Interpace Biosciences (NASDAQ:IDXG)
Historical Stock Chart
From Sep 2023 to Sep 2024