Rosetta Expands Managed Care Coverage with New Preferred Provider Agreement for Entire Suite of Diagnostic Tests and Services - Insurance News | InsuranceNewsNet

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June 23, 2016 Newswires
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Rosetta Expands Managed Care Coverage with New Preferred Provider Agreement for Entire Suite of Diagnostic Tests and Services

Business Wire

Provides update on reimbursement progress with RosettaGX Reveal™

PHILADELPHIA & REHOVOT, Israel--(BUSINESS WIRE)-- Rosetta Genomics Ltd. (NASDAQ:ROSG), a leading developer and provider of microRNA-based and other molecular diagnostics, today announces a new participation agreement with Preferred Provider Organization (PPO), Stratose Inc., as a preferred laboratory provider.

This new agreement covers more than 8.5 million members and increases Rosetta’s participation as a preferred provider to more than 163 million eligible contracted lives.

A PPO is a managed care organization of medical doctors, hospitals and other health care providers that has contracted with an insurer or a third party administrator (TPA) to provide health care at reduced rates to the insurer's or administrator's clients.

“We are gratified to add Stratose to our growing list of established health care networks. This agreement is expected to 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 entire suite of high-value diagnostic tests and services,” noted Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. “This agreement should enhance the momentum we are building with payments, which includes a record first quarter of more than $2.6 million in collections. We look forward to working with the Stratose network and to continuing to execute additional agreements such as this in order to broaden access to our growing portfolio of molecular diagnostics and testing services.

“We are particularly pleased to expand patient access for RosettaGX Reveal, our recently launched, first-of-its-kind microRNA classifier for indeterminate thyroid nodules. This new patient access, along with recently published data in support of its analytical verification should enhance our commercial efforts. In addition, we do not expect the Centers for Medicare & Medicaid Services’ (CMS) recently proposed gap-fill pricing reductions to affect Reveal or RosettaGX Cancer OriginTM as our tests are differentiated from other products and, therefore, are remunerated under separate reimbursement codes. Importantly,we continue to improve commercial traction and to make excellent progress with key providers and, as we have consistent payments from one of our important payors, we have begun accruing revenues for RosettaGX Reveal for tests billed to that payor. We expect that our ongoing validation studies will advance our efforts to secure additional reimbursement and access to our cutting edge diagnostic assays with important networks such as Stratose,” added Mr. Berlin.

About Rosetta Genomics

Rosetta develops and commercializes a full range of microRNA-based and other molecular diagnostics. 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. Through the acquisition of PersonalizeDx, the Company now offers core FISH, IHC and PCR-based testing capabilities and partnerships in Pathology, Oncology and Urology that provide additional content and platforms that complement Rosetta’s microRNA and Next-Gen Sequencing offerings. RosettaGX Reveal™, a Thyroid microRNA Classifier for the diagnosis of indeterminate thyroid FNA smears, as well as the full RosettaGX™ portfolio of cancer testing services are commercially available through the Company’s Philadelphia, PA- and Lake Forest, CA-based CAP-accredited, CLIA-certified labs,. For more information visit www.rosettagx.com.

Forward-Looking Statement Disclaimer

Various statements in this release concerning Rosetta’s future expectations, plans and prospects including, but not limited to statements relating to the enhancement of momentum, timing and percentage of payment for our testing services, the achievement of efficiency in the delivery and distribution of our entire suite of high-value diagnostic tests and services, the execution of additional agreements, the broadening of access to our growing portfolio of molecular diagnostics and testing service, the enhancement of our commercial efforts, our expectation that the Centers for Medicare & Medicaid Services’ (CMS) recently proposed gap-fill pricing reductions will not affect Reveal or RosettaGX Cancer Origin, our ability to make continuing progress with key providers, and our expectation that our ongoing clinical and pharmaco-economic validation will advance our efforts to secure additional reimbursement and access to our cutting edge diagnostic assays 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 most recently filed Annual Report on Form 20-F, 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160623005278/en/

Rosetta Genomics:

Ken Berlin, 267-298-1159

President & CEO

[email protected]

or

Rosetta Genomics Investors:

LHA

Anne Marie Fields, 212-838-3777

[email protected]

Source: Rosetta Genomics Ltd.

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