MDxHealth SA, a leading molecular diagnostic company that develops and commercializes epigenetic tests to support the diagnosis and treatment of cancer patients, today announced that it has entered into agreements with MultiPlan and Three Rivers Provider Network (TRPN). The two agreements provide expanded access to the company's ConfirmMDx™ for Prostate Cancer test to the networks' combined 67 million covered lives within the United States.
"Earlier this year American Health and Drug Benefits published on the positive healthcare savings and improved patient care associated with our ConfirmMDx for Prostate Cancer test. As a result we are gaining adoption with regional and national commercial health insurance plans and networks, like MultiPlan and TRPN, thereby expanding patient access and expediting reimbursement," stated Dr. Jan Groen, CEO of MDxHealth. "These two agreements provide access to ConfirmMDx for 25% of the insured population within the U.S., further enabling market adoption of our test nationwide."
MultiPlan, Inc. is one of the most comprehensive providers of healthcare cost management solutions. They provide a single gateway to a host of primary, complementary and out-of-network strategies for managing the financial risks associated with healthcare claims. Clients include insurers/health plans, third-party administrators, self-funded employers, HMOs and other entities that pay medical bills in the commercial healthcare, government, workers compensation and auto markets. MultiPlan contracts with 900,000 healthcare providers across the U.S. and has an estimated 57 million consumers accessing MultiPlan network products.
Three Rivers Provider Network, Inc. (TRPN) is one of the largest Preferred Provider Organizations (PPO) in the U.S. The TRPN network is now comprised of more than 600,000 total providers, including more than 5,000 hospitals and 70,000 ancillary facilities. Through its clients, approximately 10 million lives now have access to the TRPN PPO network.
About ConfirmMDx for Prostate Cancer
Over 975,000 American men receive a negative prostate biopsy result each year, though approximately 25% of these men may still harbor occult prostate cancer. This well-documented risk of undetected cancer, often with clinically significant Gleason scores, leads to a high rate of repeat biopsies with greater than 40% of men receiving at least one repeat biopsy, and many receiving a 3rd and 4th biopsy. Today's gold standard diagnostic approach is the prostate biopsy procedure, collecting 10-12 needle core biopsy samples; however this sampling represents less than 1% of a man's prostate. ConfirmMDx for Prostate Cancer is an epigenetic assay to help urologists distinguish patients who have a true-negative biopsy from those at risk for occult cancer. The test is able to detect an epigenetic field effect or "halo" associated with the cancerization process at the DNA level. This molecular "halo" around a cancer lesion can be present despite having a normal appearance under the microscope. The test helps urologists rule out prostate cancer-free men from undergoing unnecessary repeat biopsies and rule in high-risk patients who may require repeat biopsies and potential treatment.
MDxHealth (mdxhealth.com) is a molecular diagnostics company that develops and commercializes advanced epigenetic tests for cancer assessment and the personalized treatment of patients. The company's first commercial product, ConfirmMDxTM for Prostate Cancer, has been shown to help distinguish patients who have a true-negative biopsy from those who may have undetected cancer. MDxHealth helps to address a large and growing unmet medical need for better cancer diagnosis and treatment information. The company has a proprietary platform and a strong epigenetic product pipeline focused on the development of products for prostate, brain and lung cancers. The company is based in Irvine, California with a European headquarters in Liege, Belgium.
Mike Sinclair - Halsin Partners
UK: +44 20 7318 2955 / C: +44 7968 022075
Matt Clawson - Allen & Caron, Inc
US: +1 949 474 4300 - E: matt[.]allencaron.com.
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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