PHILADELPHIA and REHOVOT, Israel, May 20, 2013 /PRNewswire/ -- Rosetta Genomics Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostics, announces that the Company has executed a credentialing agreement with Prime Health Services, Inc. (Prime Health), a managed care company that offers a full spectrum of services, including a Preferred Provider Organization (PPO), for the inclusion of Rosetta Genomics' miRview® mets2 test in Prime Health's covered products and services.
The agreement with Prime Health is the first credentialing agreement executed between Rosetta Genomics and a U.S. PPO, and increases the number of covered lives for which its miRview® mets2 test could be adjudicated as "in-network" to more than 6.5 million.
"Partnering with PPOs such as Prime Health allows for expedited claim adjudication for miRview® mets2 as in-network. This provides faster payment while maintaining an acceptable level of reimbursement, and also reduces costs incurred through appealing denials. This has become increasingly important to us as we continue to see an increasing number of samples being processed and billed in our CLIA lab. We are pursuing additional agreements with other PPOs to extend access to a growing number of covered lives," stated Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics.
A PPO is a managed care organization of medical doctors, hospitals and other health care providers that has covenanted with an insurer or a third-party administrator to provide health care at reduced rates to the insurer's or administrator's clients. Credentialing is a process whereby provider organizations such as physicians, care facilities and ancillary providers (including testing service providers such as Rosetta Genomics) contract directly with the PPO.
About Prime Health Services, Inc.
Founded in 1996 and based in Brentwood, Tennessee, Prime Health Services is a managed care company that offers a full spectrum of services, including a Preferred Provider Organization (PPO) ready for access with customizable solutions, as well as re-pricing offerings. Prime Health's PPOs include Workers' Compensation, Group Health and Auto Liability networks. Prime Health has more than 500,000 providers and facilities nationwide forming the Prime Health National Delivery System. Prime Health offers its National Delivery System to the TPA, insurance carrier and self-insured markets. More Information is available at www.primehealthservices.com or by calling 1-866-348-3887.
About miRview® Testing Services
miRview® assays are a series of microRNA-based diagnostic testing services offered by Rosetta Genomics. The Rosetta Cancer Origin Test, miRview® mets², accurately identifies the primary tumor type in primary and metastatic cancer including cancer of unknown or uncertain primary (CUP). miRview® meso diagnoses mesothelioma, a cancer connected to asbestos exposure. miRview® lung accurately identifies the four main subtypes of lung cancer using small amounts of tumor cells. miRview® kidney accurately classifies the four most common kidney tumors: clear cell renal cell carcinoma (RCC), papillary RCC, chromophobe RCC and oncocytoma. miRview® assays are designed to provide objective diagnostic data; it is the treating physician's responsibility to diagnose and administer the appropriate treatment. In the U.S. alone, Rosetta Genomics estimates that 200,000 patients a year may benefit from the miRview® mets² assay, 60,000 from miRview® meso, 65,000 from miRview® kidney and 226,000 patients from miRview® lung. The Company's assays are offered directly by Rosetta Genomics in the U.S., and through distributors around the world. For more information, please visit www.mirviewdx.com. Parties interested in ordering the test can contact Rosetta Genomics at (215) 382-9000 ext. 309.
About Rosetta Genomics
Rosetta develops and commercializes a full range of microRNA-based molecular diagnostics. Founded in 2000, Rosetta's integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong patent position and proprietary platform technologies, Rosetta is working on the application of these technologies in the development and commercialization of a full range of microRNA-based diagnostic tools. Rosetta's miRview® testing services are commercially available through its Philadelphia-based CAP-accredited, CLIA-certified lab. Frost & Sullivan recognized Rosetta Genomics with the 2012 North American Next Generation Diagnostics Entrepreneurial Company of the Year Award.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future expectations, plans and prospects, including without limitation, the number of samples and any changes in the number of samples processed and billed at Rosetta's laboratories, the pursuit and completion of any future agreements with PPOs, as well as Rosetta's development or commercialization of molecular diagnostics, the market acceptance of Rosetta's miRview® assays, particularly miRview® mets2, Rosetta's capitalization of its microRNA platform, Rosetta's patent position and Rosetta's development of personalized medicine products and services constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those risks more fully discussed in the "Risk Factors" section of Rosetta's Annual Report on Form 20-F for the year ended December 31, 2012 as filed with the SEC. In addition, any forward-looking statements represent Rosetta's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Rosetta does not assume any obligation to update any forward-looking statements unless required by law.
Company Contact:
Rosetta Genomics
Ken Berlin, President & CEO
(215) 382-9000, ext. 326
investors@rosettagenomics.com
Investor Contacts:
LHA
Anne Marie Fields
(212) 838-3777
afields@lhai.com
or
Bruce Voss
(310) 691-7100
bvoss@lhai.com
SOURCE Rosetta Genomics Ltd.