Interpace Diagnostics Announces Agreement with America's Choice Provider Network to Cover All of the Company's Molecular Tests for Thyroid and Pancreatic Cancer
PARSIPANNY, N.J., March 1, 2016 /PRNewswire/ -- Interpace Diagnostics (NASDAQ: IDXG), a fully integrated molecular diagnostics company dedicated to improving patient care through its innovative tests, announced today that it has signed an agreement with America's Choice Provider Network (ACPN), a national provider network with over 1,700 payers, including insurers, employers, and employer groups, to provide coverage for all of Interpace's molecular tests including PancraGEN™ for the diagnosis of pancreatic cancer from cysts and ™ ThyGenX®/ ThyraMIR™, a combination test that can improve the pre-operative diagnosis and surgical management of patients with indeterminate thyroid nodules.
"ACPN joins the growing list of health insurance providers that now cover our tests" commented Jack Stover, Interpace's Interim CEO. "With the recent announcement of Medicare coverage for PancraGen, our product for pancreatic cysts, and the publication of the favorable results from our seminal clinical utility study, an increasing number of commercial payers are covering and contracting with us to make our tests available for their plan members," he said.
PancraGen™ is a pancreatic cyst molecular test that, by using a small sample of pancreatic cyst fluid, can aid in pancreatic cyst diagnosis and pancreatic cancer risk assessment. PancraGen is 90% accurate, according to clinical studies, enabling effective risk stratification of patients. Pancreatic cancer is often difficult to diagnose in early stages and typically spreads rapidly with signs and symptoms appearing when the cancer is significantly advanced. Because of this, and that complete surgical removal of the pancreas is not possible, pancreatic cancer is considered a leading cause of cancer deaths.
ThyGenX® Oncogene Panel
ThyGenX is used to improve risk stratification and surgical decision-making when standard cytopathology does not provide a clear diagnosis of thyroid cancer. Accordingly, ThyGenX assists physicians in distinguishing between benign and malignant genotypes in indeterminate thyroid nodules by utilizing 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 malignancies. The ThyGenX panel design is based on the miRInform® test, whose high predictive value has been validated in a recent prospective clinical study involving over 600 patients. Interpace Diagnostics acquired the miRInform test from Asuragen in 2014, and the test has subsequently been upgraded to an NGS platform, providing greater genomic insights and increased panel content.
ThyraMIR™ Micro RNA Classifier
ThyraMIR miRNA Classifier is the first and only 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 and, when used in combination with ThyGenX, yields high negative predictive value and high positive predictive value. This results in improved molecular classification of both benign and malignant thyroid nodules independent of thyroid cancer prevalence in the clinical setting.
About America's Choice Provider Network
Founded in 2012, ACPN is an independent, multispecialty national provider network. Through its proprietary network and technology, ACPN offers access to providers, payers and patients in all 50 States, Canada, the Dominican Republic, Guam, Mexico, and Puerto Rico. ACPN's products include Individual and Group Health, Workers Compensation, Auto Liability, and Medicare Advantage. Its client base consists of Insurance Carriers, Third Party Administrators, Health and Welfare Funds, Self-Administered Employer Groups, Student Plans, Travel Plans, etc. ACPN's mission is to achieve consistency in healthcare transactions, simplify claims adjudication processes, create reasonable reimbursement arrangements, and establish reliable healthcare access for all parties—providers, payers and patients
About Interpace Diagnostics Group, Inc.
Interpace Diagnostics is focused on developing and commercializing molecular diagnostic tests, leveraging the latest technology and personalized medicine for better patient diagnosis and management. The company currently has three commercialized molecular tests; PancraGen® for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGenX, for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay and ThyraMIR, for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay. Interpace Diagnostics mission is to provide personalized medicine through molecular diagnostics and innovation to advance patient care based on rigorous science.
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 our 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 company's control. These statements also involve known and unknown risks, uncertainties and other factors that may cause 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, our ability to adequately finance the business, the market's acceptance of our molecular diagnostic tests; our ability to secure additional business and generate higher profit margins through sales of our molecular diagnostic tests, in-licensing or other means, projections of future revenues, growth, gross profit and anticipated internal rate of return on investments. Additionally, all forward-looking statements are subject to the risk factors detailed from time to time in the company's periodic filings with the Securities and Exchange Commission (SEC), including without limitation, the Annual Report on Form 10-K filed with the SEC on March 5, 2015 and in the company's Form 10-Q filed with the SEC on November 12, 2015. 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.
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SOURCE Interpace Diagnostics Group, Inc.
Released March 1, 2016