PHILADELPHIA and REHOVOT, Israel, June 7, 2013 /PRNewswire/ -- Rosetta Genomics Ltd. (NASDAQ: ROSG), 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.
About Three Rivers Provider Network Three Rivers Provider Network was founded in 1996 as a company that was contracted to provide services for several major auto clients. At that time, its clients needed to access a network that would grant PPO-type discounts without incurring balance billing risks for their members. Over time, given superior results and high levels of satisfaction of service, TRPN was prompted by other companies that focused on group health and workers' compensation to perform similar type services for them. TRPN contracts were uniquely designed for group health, workers' compensation and auto liability claims expanding existing coverage and significantly reducing out-of-network expense.
Since that time, TRPN has evolved into the largest and fastest-growing proprietary PPO network in the U.S. The TRPN network is now comprised of more than 600,000 total providers, including more than 5,000 hospitals and 70,000 ancillary facilities. Through its clients, approximately 10 million lives now have access to the TRPN PPO network.
About Rosetta Cancer Testing Services (formerly the miRview® product line) 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). Rosetta Mesothelioma Test™ diagnoses mesothelioma, a cancer connected to asbestos exposure. 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; it is the treating physician's responsibility to diagnose and administer the appropriate treatment. In the U.S. alone, Rosetta Genomics estimates that 200,000 patients a year may benefit from the Rosetta Cancer Origin Test™, 60,000 from the Rosetta Mesothelioma Test™, 65,000 from the Rosetta Kidney Cancer Test™ and 226,000 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. For more information, please visit www.rosettagenomics.com. Parties interested in ordering the test 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. Rosetta's cancer testing services are commercially available through its Philadelphia-based CAP-accredited, CLIA-certified lab. Frost & Sullivan recognized Rosetta Genomics with the 2012 North American Next Generation Diagnostics Entrepreneurial Company of the Year Award.
Forward-Looking Statement Disclaimer Various statements in this release concerning Rosetta's future expectations, plans and prospects, including without limitation, Rosetta's Cancer of Origin Test, improving the ability of physicians to accurately diagnose CUP, the growth in number of samples being processed and billed at Rosetta's CLIA lab, Rosetta's development or commercialization of molecular diagnostics, the market acceptance of Rosetta's cancer testing services, particularly the Rosetta Cancer Origin Test™, Rosetta's capitalization of its microRNA platform, Rosetta's patent position and Rosetta's development of personalized medicine products and 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, 2012 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.
Company Contact: Rosetta Genomics Ken Berlin, President & CEO (215) 382-9000, ext. 326 email@example.com
SOURCE Rosetta Genomics