Response Genetics, Inc. Announces Payor Contract With Fortified Provider Network
LOS ANGELES, Oct. 2, 2013 (GLOBE NEWSWIRE) -- Response Genetics, Inc. (Nasdaq:RGDX), a company focused on the development and sale of molecular diagnostic tests that help determine a patient's response to cancer therapy, today announced that it has executed an agreement with Fortified Provider Network, Inc. and will join its network of preferred providers. This latest agreement marks Response's seventh health care payor agreement this year and brings its access to over 97 million people nationally.
With the execution of this agreement, approximately 4.1 million members associated with over 200 health insurers, self-funded employers and other payors of health care services will be able to access Response Genetics' suite of molecular predictive testing at a discounted rate. Response Genetics' predictive genomic testing is targeted to patients battling lung, colon, gastric, and melanoma cancers. The results from Response Genetics' testing services give treating physicians actionable information that enable the best therapy to be employed on that specific patient's tumor. The precise nature of Response Genetics' services brings with them a value proposition that is
expected to improve patient outcomes and enhance efficiencies in health care delivery.
About Response Genetics, Inc.
Response Genetics, Inc. (the "Company") is a CLIA-certified clinical laboratory focused on the development and sale of molecular diagnostic testing services for cancer. The Company's technologies enable extraction and analysis of genetic information derived from tumor cells stored as formalin-fixed and paraffin-embedded specimens. The Company's principal customers include oncologists and pathologists. In addition to diagnostic testing services, the Company generates revenue from the sale of its proprietary analytical pharmacogenomic testing services of clinical trial specimens to the pharmaceutical industry. The Company's headquarters is located in Los Angeles, California. For more information, please visit www.responsegenetics.com.
About Fortified Provider Network
Based in Scottsdale, Arizona, Fortified Provider Network (FPN) was founded in 1997 for the purpose of creating an all-direct-contracted network of preferred providers for its group health clients. Given FPN's superior results in the group health arena, FPN expanded over the years to offer workers' compensation and auto liability networks. FPN offers the utilization of its network to its payor clients and members who, in turn, are able to capitalize on the discounted fee schedules FPN has negotiated with its healthcare providers.
Forward-Looking Statement Notice
Except for the historical information contained herein, this press release and the statements of representatives of the Company related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions, such as the ability of the Company, to provide clinical testing services to the medical community, to continue to strengthen and expand its sales force, to continue to build its digital pathology initiative, to attract and retain qualified management, to continue to strengthen marketing capabilities, to expand the suite of ResponseDX® products, to continue to provide clinical trial support to pharmaceutical clients, to enter into new collaborations with pharmaceutical clients, to enter into areas of companion diagnostics, to continue to execute on its business strategy and operations, to continue to analyze cancer samples and the potential for using the
results of this research to develop diagnostic tests for cancer, the usefulness of genetic information to tailor treatment to patients, and other statements identified by words such as "project," "may," "could," "would," "should," "believe," "expect," "anticipate," "estimate," "intend," "plan" or similar expressions.
These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, including, without limitation, actual sales results, if any, or the application of funds, may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
CONTACT: Investor Relations Contact:
Thomas A. Bologna
Chairman & Chief Executive Officer
Source: Response Genetics, Inc.
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