Rosetta Genomics Announces Agreement with MultiPlan for its PersonalizeDx Suite of Testing Services
June 16 2015 - 8:30AM
Business Wire
Provides access to molecular assays for
bladder, lung, prostate and breast cancer for nearly 68 million
Americans
Rosetta Genomics Ltd. (NASDAQ: ROSG), a leading developer and
provider of microRNA-based molecular diagnostics, announces that
PersonalizeDx, a Rosetta Genomics company, has executed a network
participation agreement with MultiPlan, Inc. (MultiPlan) for the
entire suite of PersonalizeDx testing and services effective July
1, 2015.
MultiPlan provides healthcare cost management solutions,
including preferred provider networks (PPOs). More than 900,000
healthcare providers participate in MultiPlan’s networks, and the
company reprices 40 million claims each year. It is estimated that
68 million Americans have access to MultiPlan’s networks. In
addition to offering regional PPO networks in Wisconsin and the
southwest, Multi-Plan offers the leading independent national
primary PPO and one of the largest complementary networks in the
United States. As a result of this agreement, PersonalizeDx is one
of those participating healthcare providers.
A PPO is a managed care organization of medical doctors,
hospitals and other health care providers that has covenanted with
an insurer or a third party administrator (TPA) to provide health
care at reduced rates to the insurer's or administrator's
clients.
“Through our recent acquisition of PersonalizeDx, we now offer a
broader menu of molecular and other assays for bladder, lung,
prostate and breast cancer patients that enable personalized
medicine and help improve patient outcomes. This agreement enhances
our ability to offer these valuable testing services to MultiPlan’s
participating members, providers, payers and TPAs,” noted Kenneth
A. Berlin, President and Chief Executive Officer of Rosetta
Genomics. “Importantly, this agreement is expected to significantly
enhance both the timing and percentage of payments for our testing
services, which is a key factor in achieving efficiency in the
delivery and distribution of our differentiated content. We look
forward to working with the MultiPlan team and to executing
additional agreements such as this that broaden access to our
growing portfolio of molecular diagnostics and testing
services.”
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 network- and analytics-based solutions for
managing the financial risks associated with healthcare claims as
well as products that fight waste, abuse and fraud before payments
are made. 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 medical markets. MultiPlan is owned by an
investment group led by Starr Investment Holdings and Partners
Group. For more information, visit www.multiplancom.
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). 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
oncocytoma. Rosetta’s assays are designed to provide objective
diagnostic data. In the U.S. alone, Rosetta Genomics estimates that
200,000 patients a year may benefit from the Rosetta Cancer Origin
Test™, 62,000 from the Rosetta Kidney Cancer Test™ and 222,000
patients from the Rosetta Lung Cancer Test™. The Company’s assays
are offered directly by Rosetta Genomics in the U.S., and through
distributors around the world. In addition to its proprietary
products, the Company markets the Rosetta Genomics OncoGxOne™,
PGxOne™ and EGFR and KRAS tests for Admera Health. With the recent
acquisition of PersonalizeDx, the company now offers a broader menu
of molecular and other assays for bladder, lung, prostate and
breast cancer patients. For more information, please visit
www.rosettagenomics.com. Parties interested in ordering any of
these tests 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. PersonalizeDx’s core
FISH, IHC and PCR-based testing capabilities and partnerships in
oncology and urology provide additional content and platforms that
complement the Rosetta offerings. Rosetta’s and PersonalizeDx’s
cancer testing services are commercially available through the
Philadelphia, PA- and Lake Forest, CA-based CAP-accredited,
CLIA-certified labs, respectively.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta’s future
expectations, plans and prospects, including without
limitation, statements relating to Cynogen Inc. (d/b/a/
PersonalizeDx) signing and maintaining agreements with PPO's, the
number of potential covered lives for Rosetta testing services as a
result of the signing of the agreement with Multiplan, any future
increase in the number of samples being processed and billed at
PersonalizeDx's CLIA lab and the signing of the agreement with
Multiplan enhancing the timing and percentage of payments for
Rosetta’s testing services, 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, 2014 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150616005910/en/
Company:Rosetta GenomicsKen Berlin, 609-419-9003President
& CEOinvestors@rosettagenomics.comorInvestor:LHAAnne
Marie Fields, 212-838-3777afields@lhai.comorBruce Voss,
310-691-7100bvoss@lhai.com
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