PRINCETON, N.J. & REHOVOT, Israel--(BUSINESS WIRE)--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.