Invitae Supports the Biden Administration's Advancement of the Cancer Moonshot, Enhanced Recommendations on Genetic Testing for Cancer Treatment

Rhea-AI Summary

Invitae Corporation (NVTA) supports the Biden Administration's renewed Cancer Moonshot initiative, emphasizing the importance of genetic testing in cancer treatment. A report from the President's Cancer Panel highlights that over 13% of cancer patients carry significant germline variants, necessitating expanded access to genetic testing and counseling. Key recommendations include allowing all cancer patients access to hereditary testing and recognizing genetic counselors as healthcare providers. This initiative aims to enhance cancer screening and treatment options, particularly for patients impacted by the pandemic.

Positive

• Support for the Cancer Moonshot initiative may enhance market perception of genetic testing.
• Increased focus on genetic testing may lead to higher demand for Invitae's services.
• Expanded access and recommendations may drive legislative support for genetic testing.

Negative

• Historical losses and competitive pressures could continue to challenge revenue growth.
• Potential regulatory risks associated with changes in healthcare policy.

SAN FRANCISCO, Feb. 3, 2022 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA), a leading medical genetics company, applauds the Biden Administration's announcement to reignite the Cancer Moonshot with renewed White House leadership of this effort. As part of this initiative, the newly formed President's Cancer Panel also released a report on Closing the Gaps in Cancer Screening, which includes several important advancements in the use of genetic testing and access to genetic counselors for cancer patients.

Cancer remains one of the leading causes of death in the United States, with an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in 2021. More than 13% of cancer patients have a clinically significant germline variant that can be revealed through genetic testing, thereby alerting the patients to their risk for second cancers as well as providing their family members with an opportunity to learn their own cancer risk status. Furthermore, many cancer patients with germline variants can benefit from tailored treatment, including PARP inhibitors, type of surgery or chemotherapy, or enrollment in clinical trials. The President's Cancer Panel recommends expanded access to genetic testing and counseling for cancer risk assessment through germline testing, and includes several goals that would increase access to these tests, including:

• Proposing that all cancer patients be eligible to receive a test for hereditary cancer syndromes
• Eliminating requirements for pretest counseling by a certified genetic counselor or medical geneticist for coverage of genetic testing
• Expanding provider training and education on genetics, genetic testing, and interpretation of genetic testing results
• Allowing the Centers for Medicare & Medicaid Services (CMS) to recognize genetic counselors as healthcare providers

"The Administration's decision to reinvigorate the Cancer Moonshot and highlight the important role that genetic testing and counseling plays in cancer treatment is a huge step forward in accelerating the rate of progress against cancer in the U.S.," says Dr. Robert Nussbaum, M.D., chief medical officer of Invitae. "We also commend President Biden and First Lady Dr. Jill Biden for their specific call to action on cancer screening to jumpstart progress on missed screenings as a result of the pandemic. We hope this renewed priority will lead to more progress in genetic testing guidelines in Congress and the broader healthcare community."

To learn more about genetic cancer screening, visit
https://www.invitae.com/en/providers/oncology/personalize-cancer-treatment

About Invitae
Invitae Corporation (NYSE: NVTA) is a leading medical genetics company, whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time and lower prices. For more information, visit the company's website at invitae.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the availability, features and potential impact of the company's products; the company's belief that its tests will enable more patients access to the right therapies at the right time; and the company's beliefs regarding the shift towards precision oncology and the importance of genomic testing. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company's history of losses; the company's ability to compete; the company's failure to manage growth effectively; the company's need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the company's ability to use rapidly changing genetic data to interpret test results accurately and consistently; security breaches, loss of data and other disruptions; laws and regulations applicable to the company's business; and the other risks set forth in the company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.

Contact:
pr@invitae.com 
(628) 213-3283

View original content to download multimedia:https://www.prnewswire.com/news-releases/invitae-supports-the-biden-administrations-advancement-of-the-cancer-moonshot-enhanced-recommendations-on-genetic-testing-for-cancer-treatment-301475218.html

SOURCE Invitae Corporation

FAQ

What is the significance of Invitae's support for the Cancer Moonshot initiative?

Invitae's support signifies a potential boost for genetic testing's role in cancer treatment, aligning with government efforts to improve cancer care.

How does genetic testing impact cancer treatment according to Invitae?

Genetic testing can reveal significant germline variants in cancer patients, enabling tailored treatment and risk assessment for patients and their families.

What recommendations did the President's Cancer Panel make regarding genetic testing?

The panel recommended that all cancer patients be eligible for hereditary cancer syndrome testing, among other measures to expand access to genetic counseling.

When was the Cancer Moonshot initiative announced by the Biden Administration?

The initiative was announced on February 3, 2022, aimed at revitalizing cancer research and treatment efforts.

What percentage of cancer patients have clinically significant germline variants?

Over 13% of cancer patients are reported to have clinically significant germline variants that can be identified through genetic testing.