RUTHERFORD, N.J., Sept. 8, 2015 (GLOBE NEWSWIRE) — In a release issued earlier today by Cancer Genetics, Inc. (Nasdaq:CGIX), the company is updating this release to include a boilerplate for Blue Cross Blue Shield Illinois.
The updated release follows:
RUTHERFORD, N.J., Sept. 8, 2015 (GLOBE NEWSWIRE) — Cancer Genetics, Inc. (Nasdaq:CGIX) (“CGI” or “The Company”), an emerging leader in DNA-based cancer diagnostics, announced today that it has secured an in-network provider agreement with the healthcare network, Blue Cross Blue Shield of Illinois (“BCBS”). The Blue Cross Blue Shield plan is the largest in Illinois, covering over 7.3 million individuals. As part of the agreement, CGI will offer cancer diagnostic services to members of the BCBS network.
Blue Cross Blue Shield is part of Health Care Service Corporation (HCSC), the country’s fourth largest health insurer and the largest customer-owned health insurance company. HCSC includes BCBS networks in Texas, New Mexico, Oklahoma, Montana, and Illinois, covering nearly over 16 million individuals across these states. Blue Cross Blue Shield Illinois takes pride in offering comprehensive and affordable health plans. As part of the agreement, BCBS Illinois’ network will have access the full range of oncology-focused proprietary tests offered by CGI.
“We are very pleased to announce our relationship with BCBS of Illinois, the largest and most experienced health insurance company in Illinois. Blue Cross Blue Shield of Illinois is committed to the highest standards of business ethics and integrity, as well as to fulfilling their corporate citizenship responsibilities to the communities it serves,” said Randy Goodman, Ph.D., Director of Reimbursement and Clinical Revenue Cycle Management at Cancer Genetics, Inc. “The plan recently announced an agreement to launch an innovative new value-based care model with one of the largest independent physician practices in the Chicago area. As a leading oncology diagnostics company dedicated to the personalization of cancer treatment, we look forward to working with health plans such as BCBSIL that promote the provision of high-quality, cost effective care.”
CGI is executing a multipart access and reimbursement strategy geared toward securing reimbursement for its genomic testing platforms by establishing relationships with leading payers. One of the end goals of this strategy is to help providers appropriately manage and personalize treatment to improve patient outcomes.
About Cancer Genetics
Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostics. Our tests target difficult to diagnose hematological, urogenital and HPV-associated cancers. They are designed to guide the prognosis and treatment of these cancers with the goal of improving outcomes for patients. We have established strong clinical research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute. CGI also offers a comprehensive range of oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals and biopharmaceutical companies. Our state-of-the-art reference labs are CLIA certified and CAP accredited in the US and have licensure from several states including New York State.
About Blue Cross Blue Shield Illinois
With 8 million members, BCBSIL, a division of Health Care Service Corporation, a Mutual Legal Reserve Company, is the largest health insurance company in Illinois. Begun in 1936 in Chicago, BCBSIL remains member owned rather than publicly traded, and is committed to promoting the health and wellness of its members and its communities, fostering greater access to care, and working to lower the overall cost of care while improving care quality and patient outcomes.
Forward Looking Statement
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. products and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, risks of cancellation of customer contracts or discontinuance of trials, risks that anticipated benefits from acquisitions will not be realized, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, maintenance of intellectual property rights and other risks discussed in the Cancer Genetics, Inc. Forms 10-K for the year ended December 31, 2014 and 10-Q for the quarter ended June 30, 2015 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics, Inc. disclaims any obligation to update these forward-looking statements.
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