Genetic Technologies Executes Agreement With MultiPlan, Inc., a Nationwide
MELBOURNE, AUSTRALIA -- (Marketwired) -- 05/20/13 -- Genetic
Technologies Limited (ASX: GTG) (NASDAQ: GENE) is pleased to announce
that, through its wholly-owned subsidiary Phenogen Sciences Inc., it
has executed an agreement with MultiPlan Inc. of Valencia,
California, USA, to use the MultiPlan Network, a national
MultiPlan created the complementary network concept in 1980,
recognizing the emerging trend toward multi-sited workforces and a
growing mobility of health plan participants. In excess of 4,800
hospitals, 99,000 ancillary facilities and 700,000 healthcare
professionals participate in the network across the entire United
States. Approximately 39 million lives access the network.
The agreement with Multiplan is the sixth such credentialing
agreement executed between the Company and similar US Preferred
Provider Organisations ("PPOs") and increases significantly the total
number of covered lives, for which its BREVAGen(TM) risk assessment
test could be adjudicated as "in-network," to more than 62 million.
As detailed in previous ASX announcements, the positive impact of
this credentialing activity has been clearly demonstrated in
reviewing reimbursement payments received in respect of the
BREVAGen(TM) test since its launch. As reported by the Company in its
March 2013 Quarterly Activities Report, the average reimbursement
received in respect of claims that were adjudicated as "in-network,"
was more than 25% higher than the amounts received in respect of
claims that were adjudicated as "out of network," with the time taken
to collect the funds also being materially shorter.
Credentialing contracts have now been executed between the Company
and MultiPlan Network, Three Rivers Provider Network, Prime Health
Services, National Preferred Provider Network / PlanCare America /
Ohio Preferred Provider Network LLC (NPPN / OPPN), Galaxy Health
Network and Fortified Provider Network.
The Company is now actively pursuing additional agreements with other
PPOs in order to further extend access to an increased number of
The BREVAGen(TM) breast cancer risk
stratification test is a novel genetic test panel that examines a
patient's DNA to detect the absence or presence of certain common
genetic variations (SNPs) associated with an increased risk for
developing breast cancer. The test is designed to help physicians
assess aggregate breast cancer risk from these genetic markers, plus
factors from a standard clinical assessment based on a patient's
family and personal history, thus giving a clearer picture of an
individual woman's risk of developing breast cancer. The BREVAGen(TM)
test may be especially useful for women predisposed to hormone
dependant breast cancer, including those who have undergone breast
biopsies, as the test will provide information that can help
physicians recommend alternative courses of action, such as more
vigilant, targeted surveillance or preventive therapy, on a
personalized patient-by-patient basis.
About Genetic Technologies Limited
Genetic Technologies was an early
pioneer in recognizing important new applications for "non-coding"
DNA (Deoxyribonucleic Acid). The Company has since been granted
patents in 24 countries around the world, securing intellectual
property rights for particular uses of non-coding DNA in genetic
analysis and gene mapping across all genes in all species. Its
business strategy is the global commercialization of its patents
through an active out-licensing program and the global expansion of
its oncology and cancer management diagnostics portfolio. Genetic
Technologies is an ASX and NASDAQ listed company with operations in
the USA and Australia. For more information, please visit
Safe Harbor Statement
Any statements in this press release that
relate to the Company's expectations are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
The Private Securities Litigation Reform Act of 1995 (PSLRA)
implemented several significant substantive changes affecting certain
cases brought under the federal securities laws, including changes
related to pleading, discovery, liability, class representation and
awards fees and of 1995. Since this information may involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results.
Additional risks associated with Genetic Technologies' business can
be found in its periodic filings with the SEC.
FOR FURTHER INFORMATION PLEASE CONTACT
Ms. Alison J. Mew
Chief Executive Officer
Genetic Technologies Limited
Phone: +61 3 8412 7000
Laura Forman (USA)
Blueprint Life Science Group
+1 (415) 375 3340, Ext. 103
Press spacebar to pause and continue. Press esc to stop.