Top-Five National Payer Issues Positive Coverage Decision for Myriad’s Prolaris® Test for Prostate Cancer
June 21 2018 - 6:05AM
Myriad Genetics, Inc. (NASDAQ:MYGN), a leader in molecular
diagnostics and personalized medicine, today announced that it has
received a positive medical policy decision for its Prolaris®
prostate cancer test from one of the nation’s top-five insurance
companies. This positive coverage decision follows the
recently updated National Comprehensive Cancer Network (NCCN)
medical guidelines for prostate cancer, which support Prolaris as a
standard-of-care genetic test for men diagnosed with low
and favorable-intermediate risk prostate cancer.
“This new positive coverage decision from a leading commercial
insurer is another major milestone in expanding access to Prolaris
for men with prostate cancer,” said Nicole Lambert, general manager
of Urology, Myriad Genetics. “We estimate that more than 55
percent of patients eligible for Prolaris testing are now covered,
and our team is working with the remaining private health insurers
to ensure that their members have broad access to Prolaris.”
Since being included in NCCN guidelines, coverage has increased
significantly. In May, the company announced that Prolaris
received seven positive commercial coverage decisions, representing
roughly six million covered lives.
Prolaris is the market-leading genetic test for prostate cancer
to help guide treatment decisions for patients. For more
information about Prolaris visit: www.prolaris.com.
About Prolaris® Prolaris is a novel
46-gene RNA-expression test that directly measures tumor cell
growth characteristics for stratifying the risk of disease-specific
mortality in patients with prostate cancer. Prolaris provides a
quantitative measure of the RNA expression levels of genes involved
in the progression of tumor growth. Low gene expression is
associated with a low risk of disease-specific mortality in men who
may be candidates for active surveillance and high gene expression
is associated with a higher risk of disease-specific mortality in
patients who may benefit from additional therapy.
About Myriad GeneticsMyriad Genetics Inc., is a
leading personalized medicine company dedicated to being a trusted
advisor transforming patient lives worldwide with pioneering
molecular diagnostics. Myriad discovers and commercializes
molecular diagnostic tests that: determine the risk of developing
disease, accurately diagnose disease, assess the risk of disease
progression, and guide treatment decisions across six major medical
specialties where molecular diagnostics can significantly improve
patient care and lower healthcare costs. Myriad is focused on
five strategic imperatives: build upon a solid hereditary
cancer foundation, growing new product volume, expanding
reimbursement coverage for new products, increasing RNA kit revenue
internationally and improving profitability with Elevate
2020. For more information on how Myriad is making a
difference, please visit the Company's website: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris
AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer,
myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx,
myChoice HRD, EndoPredict, Vectra, GeneSight, riskScore and
Prolaris are trademarks or registered trademarks of Myriad
Genetics, Inc. or its wholly owned subsidiaries in the United
States and foreign countries. MYGN-F, MYGN-G.
Safe Harbor StatementThis press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements relating to coverage decisions for the Company’s
Prolaris test; the Company’s estimate of the percentage of patients
eligible for Prolaris testing which are now covered; the Company’s
work with the remaining private health insurers to ensure that
their members have broad access to Prolaris testing; and the
Company's strategic directives under the caption "About Myriad
Genetics." These "forward-looking statements" are based on
management's current expectations of future events and are subject
to a number of risks and uncertainties that could cause actual
results to differ materially and adversely from those described or
implied in the forward-looking statements. These risks include, but
are not limited to: the risk that sales and profit margins of our
existing molecular diagnostic tests and pharmaceutical and clinical
services may decline or will not continue to increase at historical
rates; risks related to our ability to transition from our existing
product portfolio to our new tests; risks related to changes in the
governmental or private insurers' reimbursement levels for our
tests or our ability to obtain reimbursement for our new tests at
comparable levels to our existing tests; risks related to increased
competition and the development of new competing tests and
services; the risk that we may be unable to develop or achieve
commercial success for additional molecular diagnostic tests and
pharmaceutical and clinical services in a timely manner, or at all;
the risk that we may not successfully develop new markets for our
molecular diagnostic tests and pharmaceutical and clinical
services, including our ability to successfully generate revenue
outside the United States; the risk that licenses to the technology
underlying our molecular diagnostic tests and pharmaceutical and
clinical services tests and any future tests are terminated or
cannot be maintained on satisfactory terms; risks related to delays
or other problems with operating our laboratory testing facilities;
risks related to public concern over our genetic testing in general
or our tests in particular; risks related to regulatory
requirements or enforcement in the United States and foreign
countries and changes in the structure of the healthcare system or
healthcare payment systems; risks related to our ability to obtain
new corporate collaborations or licenses and acquire new
technologies or businesses on satisfactory terms, if at all; risks
related to our ability to successfully integrate and derive
benefits from any technologies or businesses that we license or
acquire, including but not limited to our acquisition of Assurex,
Sividon and the Clinic; risks related to our projections about the
potential market opportunity for our products; the risk that we or
our licensors may be unable to protect or that third parties will
infringe the proprietary technologies underlying our tests; the
risk of patent-infringement claims or challenges to the validity of
our patents; risks related to changes in intellectual property laws
covering our molecular diagnostic tests and pharmaceutical and
clinical services and patents or enforcement in the United States
and foreign countries, such as the Supreme Court decision in the
lawsuit brought against us by the Association for Molecular
Pathology et al; risks of new, changing and competitive
technologies and regulations in the United States and
internationally; the risk that we may be unable to comply with
financial operating covenants under our credit or lending
agreements; the risk that we will be unable to pay, when due,
amounts due under our credit or lending agreements; and other
factors discussed under the heading "Risk Factors" contained in
Item 1A of our Annual report on Form 10-K for the fiscal year ended
June 30, 2016, which has been filed with the Securities and
Exchange Commission, as well as any updates to those risk factors
filed from time to time in our Quarterly Reports on Form 10-Q or
Current Reports on Form 8-K.
Media Contact: Ron Rogers(801)
584-3065rrogers@myriad.com
Investor Contact:Scott Gleason(801)
584-1143sgleason@myriad.com
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