IRVINE, Calif. and HERSTAL, Belgium, Feb. 20, 2014 (GLOBE NEWSWIRE) -- MDxHealth SA (NYSE Euronext: MDXH), a leading molecular diagnostic company that develops and commercializes epigenetic tests to improve the diagnosis and treatment of cancer patients, today announced that it has signed an agreement with Prime Health Services, Inc. ("Prime Health") a Preferred Provider Organization (PPO) network. This agreement covers all 50 states, offering patients greater access to MDxHealth's ConfirmMDx® for Prostate Cancer test. This agreement extends ConfirmMDx for Prostate Cancer testing to approximately 144 million covered lives throughout the U.S.
"Increasingly insurance companies and specialty networks recognize that ConfirmMDx addresses the unmet need associated with the high rate of repeat prostate biopsies each year; an issue driven by medical and legal risk associated with false-negative prostate biopsies," said Dr. Jan Groen, CEO of MDxHealth. "Both the payor and urology community are adopting ConfirmMDx to improve patient risk stratification with a non-invasive, cost-effective means to help reduce unnecessary repeat prostate biopsies and the associated healthcare costs, and to improve outcomes by aiding in the earlier detection of men with potentially lethal disease. As we capture more contracts, like this new agreement with Prime Health, and our experience with existing payors increases, we expect to shorten the reimbursement cycle as we transition more payors to an accrual basis and increase revenue recognition in 2014."
Founded in 2001 and based in Brentwood, TN, Prime Health Services (Prime) is a medical cost containment company that offers a full spectrum of services, including a Preferred Provider Organization (PPO) ready for access with customizable solutions and other medical management services. Prime Health's PPOs include Workers' Compensation, Group Health, Corrections, Medicare, and Auto Liability networks. Prime has over 700,000 providers and facilities nationwide forming the Prime Health National Delivery System. Prime offers our National Delivery System to the TPA, insurance carrier, governmental, and self-insured markets.
Over 975,000 American men have 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 for undetected 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 detects an epigenetic field effect or halo associated with the presence of cancer at the DNA level. This "halo" around a tumor can be detected in prostate cells despite 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 diagnostic 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|
|MDxHealth||Halsin Partners||Allen & Caron, Inc|
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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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