AUSTIN, Texas, April 27, 2015 /PRNewswire/ -- Vermillion, Inc. (NASDAQ: VRML), a bio-analytical solutions company focused on gynecologic disease, today announced expanded medical policy coverage of its OVA1 test, following Blue Cross Blue Shield of Michigan's recent decision to include OVA1 in its medical policy guidelines.
Blue Cross Blue Shield of Michigan, the largest health plan in Michigan, covering 5.4 million members, joins several other Blue Cross Blue Shield plans that have adopted positive coverage for OVA1, including:
- Highmark Blue Cross Blue Shield, with more than 4 million members across Pennsylvania, Delaware and West Virginia;
- Blue Cross Blue Shield of Louisiana, which covers more than 1.4 million members;
- Blue Cross Blue Shield of Alabama, with approximately 3 million members; and
- Blue Cross Blue Shield of Arkansas, with nearly 400,000 members
"We are encouraged to see the increase in adoption of OVA1 by insurance providers," said Holly Bauzon, Vice President of Managed Markets for Vermillion. "As our medical providers continue to demonstrate the value of OVA1 through a growing network of referrals, we are confident patient access to our test through the health plans will grow as well. We are excited about more health plans recognizing how OVA1 meets a clear clinical need in ovarian cancer diagnostics."
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic and bio-analytical solutions that help physicians diagnose, treat and improve gynecologic health outcomes for women. Vermillion, along with its prestigious scientific collaborators, have diagnostic programs in gynecologic disease. The company's lead diagnostic, OVA1, is a blood test for pre-surgical assessment of ovarian tumors for malignancy, using an innovative algorithmic approach. As the first FDA-cleared, protein-based In Vitro Diagnostic Multivariate Index Assay, OVA1 represents a new class of software-based diagnostics. For additional information, including published clinical trials, visit www.vermillion.com.
- OVA1 is a proprietary FDA-cleared blood test to help physicians assess the risk of ovarian cancer prior to surgery and trigger the involvement of a specialist (gynecologic oncologist) for higher risk patients;
- The OvaCalc® proprietary algorithm combines five biomarker results into a single numerical "risk score" that stratifies patients into "higher risk" and "lower risk" when combined with clinical assessment;
- In two pivotal clinical trials, OVA1 plus clinical impression detected 96% of all malignancies vs. 75% for clinical impression alone. It subsequently reduced the number of malignancies missed from 25% to 4%, a reduction of 83%;
- For early-stage cancers specifically, 31% were missed by clinical impression alone. This was reduced to 5% when OVA1 was added to clinical impression, a reduction of 85%;
- Vermillion is currently developing a next-generation test, OVA2, which has an expected release in the second half of 2015.
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding continued increases in adoption of OVA1 by insurance providers. Words such as "may," "expects," "intends," "anticipates," "believes," "estimates," "plans," "seeks," "could," "should," "continue," "will," "potential," "projects" and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this press release are based on Vermillion's expectations as of the date of this press release. A variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements, including those that are described in Vermillion's Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission. Vermillion expressly disclaims any obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this press release, except as required by law.
Investor Relations Contact:
LifeSci Advisors LLC
SOURCE Vermillion, Inc.