Interpace Diagnostics Group Inc (NASDAQ:IDXG) investors have a smile on their faces Monday morning, after the company announced that Premera Blue Cross, the largest Regional health plan based in Mountlake Terrace, Washington, has agreed to cover Interpace’s ThyraMIR® test for all of its more than 2 million members located primarily in Washington, Oregon, and Alaska.
Interpace Diagnostics shares reacted to the news, rising nearly 11% to $0.98 in pre-market trading. IDXG has a 1-year high of $19.80 and a 1-year low of $0.70. The stock’s 50-day moving average is $1.83 and its 200-day moving average is $2.67.
Premera Blue Cross has a network of more than 38,000 physicians, hospitals, laboratories, and other healthcare providers across the Northwest. Interpace’s ThyraMIR assay is now covered for thyroid nodules deemed indeterminate by standard cytopathological analysis. With the addition of Premera’s members, ThyraMIR is now covered for over 250 million patients nationwide, including through Medicare, National, and Regional health plans. The Company also recently announced coverage of ThyraMIR by United Healthcare and Aetna.
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, “The agreement by Premera Blue Cross to cover ThyraMIR is further evidence of the clinical utility as well as clinical validity of our thyroid assays. We are pleased that Premera has joined the growing list of health plans that cover ThyraMIR and that their 2 million members will now have access to its benefits.”
Interpace Diagnostics provides commercialization services to biopharmaceutical companies. It focuses on developing and commercializing molecular diagnostic tests, leveraging the latest technology and personalized medicine for patient diagnosis and management. The company offers commercialized molecular tests which include PancraGen, ThyGenX, and ThyraMIR. 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.