Rosetta Genomics Executes Agreement With MultiPlan
February 18 2014 - 8:45AM
Marketwired
Rosetta Genomics Executes Agreement With MultiPlan
Rosetta Has Executed Agreements With Five National U.S. PPOs
That Provide Access to the Rosetta Cancer Origin Test(TM) to Over
170 Million Americans
PRINCETON, NJ and REHOVOT, ISRAEL--(Marketwired - Feb 18, 2014)
- Rosetta Genomics Ltd. (NASDAQ: ROSG), a leading developer
and provider of microRNA-based molecular diagnostics, announces
that the Company has executed an agreement with Mulitiplan, Inc.
(Multiplan) for Rosetta's healthcare services including the Rosetta
Cancer Origin Test™.
MultiPlan provides healthcare cost management solutions,
including provider networks. More than 900,000 healthcare
providers participate in MultiPlan's networks, and the company
reprices 40 million claims each year. It is estimated that 67
million Americans have access to MultiPlan's networks. As a
result of this agreement, Rosetta Genomics is one of those
participating healthcare providers.
"With this agreement, Rosetta now has executed agreements with
five national U.S. preferred provider organizations
(PPOs). Together with Medicare reimbursement, we estimate that
the total number of covered lives for which our Cancer Origin Test
could be adjudicated as 'in-network' exceeds 170 million," said
Kenneth A. Berlin, President and Chief Executive Officer of Rosetta
Genomics. "Over the past nine months we have made considerable
progress executing agreements with large, national PPOs as well as
with managed care organizations, thereby expanding the coverage for
the Cancer Origin Test. This is increasingly important as
enhanced awareness of our test and the accurate identification of
tumor origin in patients with metastatic cancer has resulted in
record volumes of samples processed and billed at our CLIA lab over
the past four months. This new agreement further enhances our
ability to offer services to MultiPlan's participating members,
providers, payers and third party administrators (TPAs) that enable
personalized medicine and help improve patient outcomes."
"Offering these services further validate the clinical utility
and access to our Cancer Origin Test and underscore the importance
of determining the tumor origin in hard-to-diagnose metastatic
cancers, and Cancers of Unknown or Uncertain Primary (CUP). We
believe the Cancer Origin Test can help physicians accurately
diagnose tumor origin in order to optimize treatment. The
availability and accuracy of our Cancer Origin Test underscores why
uncertainty in cancer diagnosis is no longer acceptable," Mr.
Berlin added.
A PPO is a managed care organization of medical doctors,
hospitals and other health care providers that has covenanted with
an insurer or a TPA to provide health care at reduced rates to the
insurer's or administrator's clients.
About MultiPlan, Inc. MultiPlan, Inc. is the industry's most
comprehensive provider of healthcare cost management solutions. The
company provides a single gateway to a host of primary,
complementary and out-of-network strategies for managing the
financial risks associated with healthcare claims. Clients include
insurers/health plans, third-party administrators, self-funded
employers, HMOs and other entities that pay medical bills in the
commercial healthcare, government, workers compensation and auto
markets. MultiPlan contracts with over 900,000 healthcare providers
across the nation and has an estimated 67 million consumers
accessing its provider network products. MultiPlan is owned by BC
Partners, a leading international private equity firm, and Silver
Lake, the world's largest private investor in technology. For more
information, visit www.multiplan.com.
About Rosetta Cancer Testing Services Rosetta Cancer Tests are a
series of microRNA-based diagnostic testing services offered by
Rosetta Genomics. The Rosetta Cancer Origin Test™ can accurately
identify the primary tumor type in primary and metastatic cancer
including cancer of unknown or uncertain primary (CUP). Rosetta
Mesothelioma Test™ diagnoses mesothelioma, a cancer connected to
asbestos exposure. The Rosetta Lung Cancer Test™ accurately
identifies the four main subtypes of lung cancer using small
amounts of tumor cells. The Rosetta Kidney Cancer Test™ accurately
classifies the four most common kidney tumors: clear cell renal
cell carcinoma (RCC), papillary RCC, chromophobe RCC and the benign
oncocytoma. Rosetta's assays are designed to provide objective
diagnostic data; it is the treating physician's responsibility to
diagnose and administer the appropriate treatment. In the U.S.
alone, Rosetta Genomics estimates that 200,000 patients a year may
benefit from the Cancer Origin Test, 60,000 from the Mesothelioma
Test, 65,000 from the Kidney Cancer Test and 226,000 patients from
the Lung Cancer Test. The Company's assays are offered directly by
Rosetta Genomics in the U.S., and through distributors around the
world. For more information, please visit www.rosettagenomics.com.
Parties interested in ordering the test can contact Rosetta
Genomics at (215) 382-9000 ext.
309.
About Rosetta Genomics Rosetta develops and commercializes a
full range of microRNA-based molecular diagnostics. Founded in
2000, Rosetta's integrative research platform combining
bioinformatics and state-of-the-art laboratory processes has led to
the discovery of hundreds of biologically validated novel human
microRNAs. Building on its strong patent position and proprietary
platform technologies, Rosetta is working on the application of
these technologies in the development and commercialization of a
full range of microRNA-based diagnostic tools. Rosetta's cancer
testing services are commercially available through its
Philadelphia-based CAP-accredited, CLIA-certified lab. Frost
& Sullivan recognized Rosetta Genomics with the 2012 North
American Next Generation Diagnostics Entrepreneurial Company of the
Year Award.
Forward-Looking Statement Disclaimer Various statements in this
release concerning Rosetta's future expectations, plans and
prospects, including without limitation, Rosetta's Cancer of Origin
Test, the Cancer Origin Test improving the ability of physicians to
accurately diagnose CUP, the growth in number of samples being
processed and billed at Rosetta's CLIA lab, Rosetta's development
or commercialization of molecular diagnostics, the market
acceptance of Rosetta's cancer testing services, particularly the
Cancer Origin Test, Rosetta's signing and maintaining agreements
with PPO's and the number of potential covered lives for the Cancer
Origin Test as a result of the signing of the agreements with
Multiplan as well as any future increase in this number, constitute
forward-looking statements for the purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
these forward-looking statements as a result of various important
factors, including those risks more fully discussed in the "Risk
Factors" section of Rosetta's Annual Report on Form 20-F for the
year ended December 31, 2012 as filed with the SEC. In addition,
any forward-looking statements represent Rosetta's views only as of
the date of this release and should not be relied upon as
representing its views as of any subsequent date. Rosetta does not
assume any obligation to update any forward-looking statements
unless required by law.
Company Contact: Rosetta Genomics Ken Berlin President & CEO
(609) 419-9003
investors@rosettagenomics.com Investor Contacts: LHA Anne Marie
Fields (212) 838-3777
afields@lhai.com or Bruce Voss (310) 691-7100
bvoss@lhai.com
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