RUTHERFORD, N.J., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or the "Company"), an emerging leader in DNA-based diagnostics, today announced the Company executed an agreement with health insurer Three Rivers Provider Network, Inc., one of the largest and fastest-growing preferred provider ("PPO") networks in the U.S. Under the terms of the agreement, CGI's cancer diagnostic services will be available to more than 15 million domestic members of Three Rivers Provider Network.
"The agreement with Three Rivers is another major step forward for CGI as we continue to commercialize our comprehensive oncology diagnostics," stated Panna Sharma, CEO of CGI. "This is our second agreement with a major PPO in the U.S., and we can now reach more than 72 million individuals nationally with the personalized, disease-focused diagnosis, prognosis, and treatment selection information needed to improve cancer care."
Mr. Sharma continued, "In the specific disease categories of blood-borne, gynecological, and urogenital cancers, where we've already launched five proprietary genomic tests, there are more than 610,000 new lives impacted each year in the U.S. The addition of Three Rivers empowers our growing team of sales professionals to reach more of these patients that are in need of our products and services, and it allows us to have a greater effect under the ongoing mandate for accountable care, significantly reducing cost of treatment while improving patient outcomes."
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 550,000 total providers, including more than 5,000 hospitals and 70,000 ancillary facilities. Through its clients, approximately 15 million lives now have access to the TRPN PPO network.
About Cancer Genetics:
Cancer Genetics, Inc. is an emerging leader in DNA-based cancer diagnostics, servicing some of the most prestigious medical institutions in the world. Our tests target cancers that are difficult to diagnose and predict treatment outcomes. These cancers include hematological, urogenital and HPV-associated cancers. We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals, as well as biopharma and biotech companies. Our state-of-the-art reference lab is focused entirely on maintaining clinical excellence and is both CLIA certified and CAP accredited and has licensure from several states including New York State. We have established strong research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute. For further information, please see www.cancergenetics.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. products and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. In addition, the offering is subject to market and other conditions and there can be no assurance as to the estimated proceeds from the offering and the anticipated use of proceeds from the offering. Any statements that are not historical fact (including, but not limited to, statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights and other risks discussed in the Company's Form 10-Q for the quarter ended June 30, 2013 and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics disclaims any obligation to update these forward-looking statements.
CONTACT: Investor Relations RedChip Companies, Inc. Jon Cunningham, 800-733-2447, ext. 107 firstname.lastname@example.orgSource:Cancer Genetics