IRVINE, Calif. and HERSTAL, Belgium, Oct. 1, 2013 (GLOBE NEWSWIRE) -- MDxHealth SA (NYSE Euronext:MDXH), a leading molecular diagnostics company that develops and commercializes epigenetic tests to improve the diagnosis and treatment of cancer patients, today announced that it has expanded access to ConfirmMDx for Prostate Cancer to an additional 50 million covered lives by signing agreements with health insurance providers FedMed, Inc. and America's Choice Provider Network, Inc. (ACPN). These agreements provide FedMed (40M) and ACPN (11.2M) members, consisting of insurance carriers, third party administrators, health and welfare funds and self-insured health plans, with access to the ConfirmMDx test.
"We are enthusiastic about the continued market acceptance of our ConfirmMDx for Prostate Cancer test. These new insurance contracts extend access to ConfirmMDx testing to more than 130 million covered lives," said Dr. Jan Groen, CEO of MDxHealth. "We developed ConfirmMDx to help reduce unnecessary repeat biopsies, thereby improving patient care while decreasing healthcare costs. The increased adoption of the test demonstrates it serves as a valuable clinical management tool, not just for physicians and their patients, but also for insurance companies looking to contain healthcare costs."
FedMed, Inc. is a privately owned corporation based in Rockville, Maryland. Founded in 2000, their proprietary Preferred Provider Organization consists of over 550,000 Physicians, 4,000 Hospitals and 60,000 Ancillary Care Providers nationwide. Their clients include insurance companies, third party Administrators (TPA) and Self Administered Employer Groups. FedMed processes more than $4 billion in medical claims through the network annually. More than 40 million Americans have access to FedMed's National Provider Network.
America's Choice Provider Network (ACPN) is a National Healthcare Savings Provider Network that has developed its own proprietary network and technology. ACPN is dedicated to finding solutions that assist every party in the healthcare transaction. More than 11 million Americans have access to their provider network.
Over 975,000 American men are diagnosed with a negative prostate biopsy each year; however approximately 25-35% of those men receive false-negative results. Under the current standard of care, prostate biopsy procedures consisting of 10-12 needle biopsy cores only sample approximately 1% of a man's prostate. This approach leaves men at risk of occult cancer, leading to a high rate of repeat biopsies, often on cancer-free men. There is an unmet medical need for a clinically effective diagnostic test to address this dilemma. ConfirmMDx for Prostate Cancer is able to detect an epigenetic field effect or 'halo' associated with the cancerization process at the DNA level. This "halo" around a cancer lesion can be present despite cells having a normal appearance under the microscope. Thus ConfirmMDx for Prostate Cancer aids urologists in identifying truly negative men who may forego an unnecessary repeat biopsy procedure.
MDxHealth is a leading molecular diagnostics company that develops and commercializes epigenetic tests to support cancer treatment. The company's tests are based on proprietary gene methylation (epigenetics) technology and assist physicians with the diagnosis of cancer, prognosis of recurrence risk, and prediction of response to a specific therapy. For more information visit mdxhealth.com and follow us on Twitter at: twitter.com/mdxhealth.
For more information:
|Dr. Jan Groen, CEO||Mike Sinclair (Media)||Matt Clawson (Investors)|
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This press release contains forward-looking statements and estimates with respect to the anticipated future performance of MDxHealth and the market in which it operates. Such statements and estimates are based on assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable but may not prove to be correct. Actual events are difficult to predict, may depend upon factors that are beyond the company's control, and may turn out to be materially different. MDxHealth expressly disclaims any obligation to update any such forward-looking statements in this release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based unless required by law or regulation. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of MDxHealth in any jurisdiction. No securities of MDxHealth may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. securities laws.
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