Here’s What’s Behind Diagnostics Group Inc’s Gain Today
Shares of Interpace Diagnostics Group Inc (NASDAQ:IDXG) are marching higher this morning after the diagnostic company announced that it has signed a new national contract with Aetna for its ThyGenX ®and ThyraMIR® molecular tests for indeterminate thyroid nodules.
Aetna is the third largest health plan in the United States, with over 44.9 million members nationwide. The agreement covers many of Aetna’s products, including commercial and Medicare Advantage plans. It does not include Medicaid, auto insurance, or workman’s compensation products. The agreement goes into effect August 15, 2017. Aetna began covering ThyGenX in June 2015 and ThyraMIR in November 2016.
The agreement is the Company’s first national provider contract with a national health plan and means that Interpace will now be part of Aetna’s laboratory network for these services.
“The agreement with Aetna is another significant reimbursement milestone demonstrating our ability to convert our product coverage approvals with major insurance providers into successful contractual agreements,” said Jack E. Stover, Interpace’s President and CEO, “Coverage of our thyroid products has continued to increase and improve over the past few quarters and now totals over 250 million covered lives.”
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.