Here's Why Shares Of TrovaGene Are Surging

Shares of TrovaGene Inc TROV, a development-stage molecular diagnostic company, were trading higher by nearly 20 percent on Monday after the company announced that it has entered into an agreement with FedMEd, a proprietary Preferred Provider Organization consisting of over 550,000 Physicians.

As part of the agreement, FedMed will have access to Trovagene's full line of Precision Cancer Monitoring (PCM) test and services. In addition, the company's PCM services will be covered as a participating laboratory testing provider for clients of FedMed.

Trovagene's PCM services is designed to "provide important clinical information beyond the current standard of care, and is protected by significant intellectual property including multiple issued patents and pending patent applications globally."

"FedMed is among the largest national provider networks in the country, and this agreement is an important step in our ability to offer oncologists and their patients access to our liquid biopsy testing services through their health benefit plans," said Matt Posard, chief commercial officer of Trovagene. "We're very pleased with the positive response we are receiving from national provider networks, validating our decision to design the PCM platform to report on clinically actionable cancer genes that can translate into clear use scenarios and better reimbursement outcomes. We remain committed to creating a strong foundation of studies demonstrating the multiple clinical utilities of our technology, which we believe will broaden health insurance coverage and patient access this year."