PRINCETON, NJ and REHOVOT, ISRAEL - February 18, 2014 - Rosetta Genomics Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostics, announces that the Company has executed an agreement with Mulitiplan, Inc. (Multiplan) for Rosetta's healthcare services including the Rosetta Cancer Origin Test™.
MultiPlan provides healthcare cost management solutions, including provider networks. More than 900,000 healthcare providers participate in MultiPlan's networks, and the company reprices 40 million claims each year. It is estimated that 67 million Americans have access to MultiPlan's networks. As a result of this agreement, Rosetta Genomics is one of those participating healthcare providers.
"With this agreement, Rosetta now has executed agreements with five national U.S. preferred provider organizations (PPOs). Together with Medicare reimbursement, we estimate that the total number of covered lives for which our Cancer Origin Test could be adjudicated as 'in-network' exceeds 170 million," said Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. "Over the past nine months we have made considerable progress executing agreements with large, national PPOs as well as with managed care organizations, thereby expanding the coverage for the Cancer Origin Test. This is increasingly important as enhanced awareness of our test and the accurate identification of tumor origin in patients with metastatic cancer has resulted in record volumes of samples processed and billed at our CLIA lab over the past four months. This new agreement further enhances our ability to offer services to MultiPlan's participating members, providers, payers and third party administrators (TPAs) that enable personalized medicine and help improve patient outcomes."
"Offering these services further validate the clinical utility and access to our Cancer Origin Test and underscore the importance of determining the tumor origin in hard-to-diagnose metastatic cancers, and Cancers of Unknown or Uncertain Primary (CUP). We believe the Cancer Origin Test can help physicians accurately diagnose tumor origin in order to optimize treatment. The availability and accuracy of our Cancer Origin Test underscores why uncertainty in cancer diagnosis is no longer acceptable," Mr. Berlin added.
A PPO is a managed care organization of medical doctors, hospitals and other health care providers that has covenanted with an insurer or a TPA to provide health care at reduced rates to the insurer's or administrator's clients.
About MultiPlan, Inc.
MultiPlan, Inc. is the industry's most comprehensive provider of healthcare cost management solutions. The company provides 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 over 900,000 healthcare providers across the nation and has an estimated 67 million consumers accessing its provider network products. MultiPlan is owned by BC Partners, a leading international private equity firm, and Silver Lake, the world's largest private investor in technology. For more information, visit www.multiplan.com.
About Rosetta Cancer Testing Services
Rosetta Cancer Tests are a series of microRNA-based diagnostic testing services offered by Rosetta Genomics. The Rosetta Cancer Origin Test™ can accurately identify the primary tumor type in primary and metastatic cancer including cancer of unknown or uncertain primary (CUP). Rosetta Mesothelioma Test™ diagnoses mesothelioma, a cancer connected to asbestos exposure. The Rosetta Lung Cancer Test™ accurately identifies the four main subtypes of lung cancer using small amounts of tumor cells. The Rosetta Kidney Cancer Test™ accurately classifies the four most common kidney tumors: clear cell renal cell carcinoma (RCC), papillary RCC, chromophobe RCC and the benign oncocytoma. Rosetta's 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 Cancer Origin Test, 60,000 from the Mesothelioma Test, 65,000 from the Kidney Cancer Test and 226,000 patients from the Lung Cancer Test. 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.rosettagenomics.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 cancer 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, Rosetta's Cancer of Origin Test, the Cancer Origin Test improving the ability of physicians to accurately diagnose CUP, the growth in number of samples being processed and billed at Rosetta's CLIA lab, Rosetta's development or commercialization of molecular diagnostics, the market acceptance of Rosetta's cancer testing services, particularly the Cancer Origin Test, Rosetta's signing and maintaining agreements with PPO's and the number of potential covered lives for the Cancer Origin Test as a result of the signing of the agreements with Multiplan as well as any future increase in this number, 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.
President & CEO
Anne Marie Fields
SOURCE: Rosetta Genomics, Ltd.