$IDXG Announces Coverage of Thyroid Test by Oxford Health Plans
One of the Northeast’s Largest Health Plans Adds Coverage for ThyraMIR®
PARSIPPANY, N.J., Aug. 16, 2017 — Interpace Diagnostics Group, Inc. (NASDAQ:IDXG) (“Interpace” or “the Company”), a fully integrated commercial company that provides clinically useful molecular diagnostic tests and pathology services for improved patient diagnosis and management, announced today that Oxford Health Plans will cover Interpace’s ThyraMIR® test for indeterminate thyroid nodules effective August 1, 2017. Oxford Health Plans, a UnitedHealthcare company, offers health care benefits to employers and individuals primarily in New York, New Jersey, and Connecticut making it one of the largest health plans in the heavily populated tri-state Region. Oxford’s commercial insured products and services include traditional health maintenance organizations, preferred and exclusive provider organizations, point-of-service plans and consumer-driven health plans. In addition, Oxford also offers Medicare plans and third-party administration of employer-funded benefits plans.
With the addition of Oxford’s members, ThyraMIR is now covered for over 250 million lives nationwide, including through Medicare, National, and Regional health plans. This follows the Company’s recent announcement of its National contract with Aetna for its ThyGenX® and ThyraMIR products along with the approval by Cigna of ThyGenX.
The ThyGenX® – ThyraMIR® combination represents the only test in the market that includes the rule-in properties of next-generation sequencing of a patient’s DNA and RNA along with the rule-out capabilities of a micro-RNA classifier to provide physicians with clinically actionable test results. Based on current performance, approximately 90% of the Company’s ThyGenX cases are reflexed to ThyraMir for additional assessment. The Company first launched ThyraMIR on April 15, 2015 making it available to Endocrinologists and Pathologists throughout the country. Since then, the Company has conducted over 15,000 ThyraMIR tests for nearly 400 physicians and hospitals nationwide.
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 ThyGenX – ThyraMIR has been shown to reduce the rate of unnecessary surgeries in indeterminate cases.
Jack E. Stover, President and CEO of Interpace Diagnostics stated, “Oxford’s determination to cover ThyraMIR follows a steady stream of payers that have recognized the value that both of our Thyroid products play in identifying the appropriate patients for surgery.” “We are pleased that Oxford has joined the growing list of health plans that cover ThyraMIR and their members in New York, New Jersey, and Connecticut will now have access to its benefits.”
About Thyroid Nodules, ThyGenX 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. ThyGenX and ThyraMIR are covered by both Medicare and Commercial insurers.
About Interpace Diagnostics Group, Inc.
Interpace Diagnostics is a fully integrated commercial company that provides clinically useful molecular diagnostic tests and pathology services for evaluating risk of cancer by leveraging the latest technology in 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 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, our ability to adequately finance the business, our ability to restructure our liabilities and other obligations, the market’s acceptance of our molecular diagnostic tests; our ability to retain or secure reimbursement, 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 and our ability to maintain our NASDAQ listing. 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 31, 2017 and the amendment on Form 10-K/A filed on April 28, 2017, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed with the SEC on May 12, 2017, and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 filed with the SEC on August 10, 2017. 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: Paul Kuntz – RedChip paul@redchip.com
TraderPower Featured Companies
- Astrotech Corp. (NASDAQ: ASTC)
- Cepton Inc. (NASDAQ: CPTN)
- Clene Inc. (NASDAQ: CLNN)
- CNS Pharmaceuticals Inc. (NASDAQ: CNSP)
- Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF)
- Freight Technologies Inc. (NASDAQ: FRGT)
- InMed Pharmaceuticals Inc. (NASDAQ: INM)
- Lexaria Bioscience Corp. (NASDAQ: LEXX)
- Mullen Automotive Inc. (NASDAQ: MULN)
- Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI)
Top Small Cap Market News
- $NTRB InvestorNewsBreaks – Nutriband Inc. (NASDAQ: NTRB) Enters Exclusive Supplier Agreement with Major Sports Brand Licensee
- $FNGR China Reportedly Asks Telcos to Halt Using Foreign-Sourced Chips
- $CNSP InvestorNewsBreaks – CNS Pharmaceuticals Inc. (NASDAQ: CNSP) CEO to Present at LSX World Congress 2024
- $DLMI InvestorNewsBreaks – Diamond Lake Minerals Inc. (DLMI), BOXABL Partnership Highlighted in Proactive Article
- $SUIC InvestorNewsBreaks – SUIC Worldwide Holdings Ltd (SUIC) Featured in Bell2Bell Podcast
- $GTVH InvestorNewsBreaks – Golden Triangle Ventures Inc. (GTVH) Making Significant Strides to Create Premier Entertainment Destination
- $CIPI Distributed Energy Solutions Provider Correlate Energy Corp. (CIPI) Making Significant Alternative Power Transition an Affordable Reality
- $PXMD InvestorNewsBreaks – PaxMedica Inc. (NASDAQ: PXMD) Responds to Emergency Request for IV Suramin, Commits to Provide Immediate Access to PAX-101
- $ZDPY InvestorNewsBreaks – Zoned Properties Inc. (ZDPY) Announces $1M Stock Repurchase Program
- $SPCB SuperCom Ltd. (NASDAQ: SPCB) Electronic Monitoring Technology Addresses Important Concerns in Dealing with Youthful Offenders
- $FRGT InvestorNewsBreaks – Freight Technologies Inc. (NASDAQ: FRGT) Announces Strong Revenue Growth for Q1 2024
- $EAWD InvestorNewsBreaks – Energy and Water Development Corp. (EAWD) Makes Key Move to Strengthen Compliance and Legal Operations
Recent Posts
- $EAWD InvestorNewsBreaks – Energy and Water Development Corp. (EAWD) Makes Key Move to Strengthen Compliance and Legal Operations
- $FRGT InvestorNewsBreaks – Freight Technologies Inc. (NASDAQ: FRGT) Announces Strong Revenue Growth for Q1 2024
- $SPCB SuperCom Ltd. (NASDAQ: SPCB) Electronic Monitoring Technology Addresses Important Concerns in Dealing with Youthful Offenders
- $ZDPY InvestorNewsBreaks – Zoned Properties Inc. (ZDPY) Announces $1M Stock Repurchase Program
- $PXMD InvestorNewsBreaks – PaxMedica Inc. (NASDAQ: PXMD) Responds to Emergency Request for IV Suramin, Commits to Provide Immediate Access to PAX-101
- $CIPI Distributed Energy Solutions Provider Correlate Energy Corp. (CIPI) Making Significant Alternative Power Transition an Affordable Reality
- $GTVH InvestorNewsBreaks – Golden Triangle Ventures Inc. (GTVH) Making Significant Strides to Create Premier Entertainment Destination
- $SUIC InvestorNewsBreaks – SUIC Worldwide Holdings Ltd (SUIC) Featured in Bell2Bell Podcast
Recent Comments
Archives
- April 2024
- January 2023
- June 2022
- December 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009