July 10, 2014
bioTheranostics Announces Agreement with National PPO Network FedMed
More than 40 Million FedMed Members Can Now Access bioTheranostics’ Molecular Diagnostic Tests for Cancer
FOR IMMEDIATE RELEASE…July 10, 2014…SAN DIEGO…bioTheranostics, Inc., the leading genomic solutions provider for cancer diagnosis, has signed a contract with FedMed, Inc., one of the largest preferred provider organization networks in the United States, to provide access to bioTheranostics’ genomic tests for patients with breast cancer and metastatic cancers.
More than 40 million FedMed members nationwide can now benefit from bioTheranostics’ molecular diagnostic and predictive cancer tests, including the Breast Cancer IndexSM, which quantifies the risk of recurrence of early stage, estrogen receptor-positive breast cancer, and the bioT3 Metastatic Cancer Solution suite of tests, which provide diagnostic and therapeutic information for metastatic cancer patients at any stage across the continuum of care.
Richard Ding, CEO of bioTheranostics, said, “We are pleased that FedMed has chosen to offer our industry-leading tests as part of efforts to leverage advances in molecular diagnostics for the benefit of FedMed’s payor clients and their cancer patient members. This contract is one of a growing number of agreements bioTheranostics has signed with national PPO networks, providing more than 130 million covered members with access to advanced molecular testing solutions that allow a more precise and personalized approach to managing cancer.”
The Breast Cancer Index addresses unmet clinical needs by accurately predicting both early (0-5 years) and late (5-10 years) recurrence, as well as benefit from extended endocrine therapy. About two-thirds of breast cancer patients are estrogen-receptor positive, and the risk of late recurrence is a substantial concern, with about 50 percent of recurrences occurring after five years. Understanding the risk of recurrence over time is vital in helping physicians and patients make more informed treatment decisions, allowing patients at high risk for recurrence to continue therapy, and those at low risk to avoid the costs and side effects of treatment. The BioT3 Metastatic Cancer Solution suite of tests includes CancerTYPE ID®, an industry leading molecular classifier for accurate diagnosis of tumor type and subtype in metastatic cancer patients, and CancerTREATMENT ID, which combines next-generation sequencing and predictive biomarkers for a comprehensive approach to identify the most appropriate treatment options.
Established in 2000 and based in Gaithersburg, Md., FedMed, Inc., is one of the largest proprietary preferred provider organization (PPO) networks in the United States. FedMed provides innovative programs and services to over 40 million American members through a network of more than 550,000 physicians, 4,000 hospitals, and 60,000 ancillary care providers nationwide. FedMed offers its National Delivery System to third-party administrators, insurance companies, and self-administered employer groups. Learn more at www.fedmedinc.com.
bioTheranostics, Inc., is the leading solution provider for early stage breast cancer and a broad range of metastatic cancers, leveraging its unique expertise in gene expression profiling to develop a growing array of molecular diagnostic tests for cancer. The company operates a CLIA-certified, CAP-accredited diagnostic laboratory to perform its proprietary tests: the Breast Cancer IndexSM, which quantifies risk of early and late recurrence of estrogen receptor-positive breast cancer, and the bioT3 Metastatic Cancer Solution suite of tests, which includes CancerTYPE ID® and CancerTREATMENT ID. bioTheranostics, a bioMérieux company, is based in San Diego. Learn more at biotheranostics.com.