Response Genetics, Inc. Announces Four New Contracts With National PPO Networks
LOS ANGELES, Nov. 13, 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 recently closed four new payor contracts with national Preferred Provider Organization ("PPO") networks. The four new provider agreements are with:
America's Choice Provider Network, LLC
Galaxy Health Network
Prime Health Services, Inc.
By entering into these PPO network agreements, the full suite of Response Genetics' precision genetics services are now offered to the health plans, self-insured employers, third party administrators and other clients that participate in these networks. In total, these new contractual relationships allow Response Genetics access to an additional 54 million people spread throughout the United States. With these latest PPO network contracts, Response Genetics has now entered into a total of six PPO network contracts this year opening access to over 135 million Americans.
Response Genetics' predictive genomic testing is primarily targeted to patients battling lung, colon, gastric, and melanoma cancers. The results generated from Response Genetics' testing services provide treating physicians actionable information that guides therapeutic decisions enabling the best therapy on a specific patient's tumor. The precise nature of Response Genetics' services brings a value proposition that is expected to improve patient outcomes, enhance efficiencies and ultimately reduce costs associated with optimal 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 America's Choice Provider Network, LLC
America's Choice Provider Network, LLC ("ACPN") is a National Healthcare Savings Provider Network that has developed its own network and technology. ACPN is dedicated to finding solutions to assist every party in healthcare transactions. ACPN and its experienced team is committed to creating solutions in the healthcare industry as it relates to the millions of claims that fall out-of-network each month.
About FedMed, Inc.
FedMed is a National Provider Network and Healthcare Financial Services Organization. FedMed has developed innovative programs and services for the healthcare provider community in conjunction with large payors of healthcare services. FedMed's objective is to provide significant measurable benefits to providers not available from other provider networks and managed care organizations.
About Galaxy Health Network
Galaxy Health Network, based in Arlington, Texas, has grown its provider base to over 400,000 physicians, 2,700 hospitals and 47,000 ancillary providers - all directly contracted, and brings together Managed Care Professionals with over five decades of collective experience for the purpose of providing expert assistance and guidance in the containment of medical costs.
Prime Health Services, Inc.
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 PPO ready for access with customizable solutions and other medical management services. Prime'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 their National Delivery System to the TPA, insurance carrier, governmental, and self-insured markets.
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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