Interpace Biosciences Announces Contract with Lab Benefits Management Firm
April 27 2020 - 6:55AM
Interpace Biosciences (NASDAQ: IDXG) announced today that its
subsidiary, Interpace Diagnostics, has entered into a contract with
Avalon Healthcare Solutions (Avalon), a specialty benefit
management company with more than 3 million members, focused on
laboratory testing. The new contract, whose terms were not
disclosed, includes two of the Southeastern U.S.’s largest Blue
Cross Blue Shield plans where members can now take advantage of the
benefits of ThyGeNEXT® and ThyraMIR® thyroid testing while reducing
their out of pocket expenses due to Interpace’s status as an
in-network provider. Interpace has successfully achieved positive
medical coverage for its services through Medicare as well as other
leading national and regional health plans and is now focused on
establishing more contracts to optimize the adjudication process.
According to Jack Stover, CEO of Interpace,
“This contract with such an important regional specialty benefit
management organization as Avalon continues our trend in
establishing improved reimbursement through participation as an
in-network lab.”
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 many 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.
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 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.
Pharma services, through Interpace Pharma
Solutions, provides pharmacogenomics testing, genotyping,
biorepository and other customized services to the pharmaceutical
and biotech industries. Pharma services also advance 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.
About Avalon Healthcare
Solutions
Avalon provides a comprehensive program managing
all outpatient laboratory services across all providers, including
independent, physician office and hospital-based labs. Using an
independent Clinical Advisory Board (CAB), Avalon has developed a
suite of science-based lab policies addressing all lab testing
categories. Several independent health plans utilize the services
of Avalon to manage their laboratory benefits including two of the
Southeastern U.S.’s largest Blue Cross Blue Shield plans which
include over 3 million members.
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 filed on April 22, 2020. 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
Interpace Biosciences (NASDAQ:IDXG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Interpace Biosciences (NASDAQ:IDXG)
Historical Stock Chart
From Apr 2023 to Apr 2024