Interpace Biosciences Announces Contract for Thyroid Testing with Blue Cross Blue Shield of Florida

Rhea-AI Summary

Interpace Biosciences, Inc. (NASDAQ: IDXG) announced a contract with Blue Cross Blue Shield of Florida, making its ThyGeNEXT® and ThyraMIR® tests in-network services for 5 million members starting January 1, 2021. This agreement follows previous coverage established in 2018, enhancing accessibility for patients with indeterminate thyroid nodules. CEO Tom Burnell highlighted the positive trend among Blue Cross Blue Shield plans toward covering and contracting these molecular tests, which improve cancer risk assessment and decision-making.

Positive

• New contract with Blue Cross Blue Shield of Florida enhances access to ThyGeNEXT® and ThyraMIR® tests for 5 million members.
• Tests were previously covered under Florida Blue's medical policy since 2018, ensuring continuity.
• ThyGeNEXT® and ThyraMIR® increase diagnostic accuracy for thyroid cancer, potentially improving patient outcomes.

Negative

• None.

In-network status for ThyGeNEXT^® and ThyraMIR^® with State’s Largest Payer

PARSIPPANY, NJ, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. (NASDAQ: IDXG) announced today that the Company’s Diagnostics group has entered in to a contract with Blue Cross Blue Shield of Florida (“Florida Blue”), the largest health plan in Florida. As part of the Agreement, Interpace’s ThyGeNEXT^® and ThyraMIR^® tests for indeterminate thyroid nodules will be adjudicated as in-network lab services for its 5 million members effective January 1, 2021. The plan agreed to cover the tests under its medical policy in 2018.

Tom Burnell, President and CEO of Interpace Biosciences, stated, “We are pleased that the largest payer in the State of Florida, and one of the largest Blue Cross Blue Shield plans in the country, has agreed to contract with us for our molecular tests, making them available to their members on an in-network basis.” Mr. Burnell continued, “This continues the strong trend we have seen among other Blue Cross Blue Shield plans to not only cover ThyGeNEXT^® and ThyraMIR^®, but to contract for these services to make them affordable to their members.”

About ThyGeNEXT^® and ThyraMIR^®

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, as well as Medullary Thyroid Carcinoma. 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 Medicare and Commercial insurers, with more than 280 million members covered.

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.

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.

Interpace Diagnostics 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 provides pharmacogenomics testing, genotyping, biorepository and other customized 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 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 statements including, but not limited to, the adverse impact of the COVID-19 pandemic on the Company’s operations and revenues, the substantial doubt about the Company’s ability to continue as a going concern, the possibility that the Company’s estimates of future revenue may prove to be materially inaccurate, the Company’s history of operating losses, the Company’s ability to adequately finance its business, the Company’s ability to repay its $5M secured bridge loan, the Company’s ability to maintain its Nasdaq listing in light of its failure to meet minimum stockholder equity requirements as of June 30, 2020, as well as the increased difficulty in meeting the minimum stockholders’ equity requirement as a result of the impairment charge, the Company’s dependence on sales and reimbursements from its clinical services, the Company’s ability to retain or secure reimbursement including its reliance on third parties to process and transmit claims to payers and the adverse impact of any delay, data loss, or other disruption in processing or transmitting such claims, the Company’s revenue recognition being based in part on estimates for future collections which estimates may prove to be incorrect, and the Company’s ability to remediate material weaknesses in internal controls. 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, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. 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/ Megan Paul
(646) 653-7030/7034
jgreen@edisongroup.com/mpaul@edisongroup.com

FAQ

What recent contract has Interpace Biosciences signed with Blue Cross Blue Shield of Florida?

Interpace Biosciences signed a contract with Blue Cross Blue Shield of Florida to make its ThyGeNEXT® and ThyraMIR® tests in-network services for 5 million members effective January 1, 2021.

How do ThyGeNEXT® and ThyraMIR® tests benefit patients?

These tests provide high predictive value in determining the presence or absence of cancer in thyroid nodules, aiding in risk stratification and surgical decision-making.

How many members will benefit from the new in-network status of the tests?

The in-network status will benefit 5 million members of Blue Cross Blue Shield of Florida.

When did Blue Cross Blue Shield of Florida agree to cover the ThyGeNEXT® and ThyraMIR® tests?

Blue Cross Blue Shield of Florida agreed to cover the ThyGeNEXT® and ThyraMIR® tests under its medical policy in 2018.