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Rosetta
Genomics Ltd.
, a leading developer and provider of
microRNA-based molecular diagnostics, announces that the Company has executed
a credentialing agreement with Three Rivers Provider Network, Inc. (TRPN) of
Chula Vista, Calif., for the Rosetta Cancer Origin Test. TRPN is one of the
largest supplemental Preferred Provider Organizations (PPO) in the U.S.,
providing healthcare benefits to more than 10 million members nationwide.
"This is the second credentialing agreement executed between Rosetta and a
U.S. PPO. Together with Medicare reimbursement, the total number of covered
lives and for which the Rosetta Cancer Origin Test could be adjudicated as
'in-network' now exceeds 61 million, which means that one-in-five Americans
are covered for the Rosetta Cancer Origin Test," said Kenneth A. Berlin
President and Chief Executive Officer of Rosetta Genomics. "We continue to
pursue additional agreements with other PPOs as they provide faster payment
while maintaining acceptable levels of reimbursement, and also reduce costs
incurred through appealing denials. This has become increasingly important to
our company as we continue to see a growing number of samples being processed
and billed by our CLIA lab."
"This agreement comes at a good time for Rosetta as it follows on our strong
presence at ASCO 2013, where we significantly enhanced the awareness of the
Cancer Origin Test among an audience of the world's leading oncologists and
researchers. In addition, positive trends in billable and processed samples
for the Cancer Origin Test have led us to begin expansion of our sales
territories from 5 to 12. The credentialing agreement with TRPN further
enhances our ability to gain traction in the market and to further increase
access of this test to patients with a CUP diagnosis.
"With more than 200,000 patients per year presenting with Cancer of Unknown or
Uncertain Primary (CUP) or who would otherwise benefit from this test, this
expanding coverage reflects the importance of determining the tumor origin in
hard-to-diagnose metastatic cancers and CUP. This is particularly important
as new, molecularly-targeted cancer treatments are developed. We believe the
Rosetta Cancer Origin Test^™ can help physicians to accurately diagnose tumor
origin in order to optimize treatment. The availability and accuracy of our
Cancer Origin Test underscores why the uncertainty of CUP is no longer
acceptable," Mr. Berlin added.
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 to provide health care at reduced rates to the insurer's or
administrator's clients. Credentialing is a process whereby provider
organizations such as physicians, care facilities and ancillary providers
(including testing service providers such as Rosetta Genomics') contract
directly with the PPO.
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