Company announces it exceeded its goal with more than 600 genes in production, commercially launching new panels immediately and throughout the end of 2015
Hosting an investor conference call today at 4:30 p.m. ET
Invitae Corporation (NYSE: NVTA), a genetic information company, today announced that it has more than doubled the size of its genetic testing platform to include more than 600 genes and will release the new content between now and the end of the year. Invitae is immediately expanding its menu with dozens of new test panels for hereditary cancer, cardiovascular, neuromuscular, pediatric, and other rare disorders.
With this expanded test menu, Invitae will be able to provide clinicians, patients, and payers with high-quality genetic information for a greatly expanded number of genes and disorders, all at the same price and with rapid turnaround times.
“We successfully increased our capacity to test for more than 600 genes, an increase from our initial plan of more than 500 genes, without increasing our prices. We are proud to now offer many more comprehensive and affordable cancer and cardiology genetic test panels, as well as expanded neuromuscular, pediatric, and rare disease test panels, to help clinicians and their patients,” said Randy Scott, chairman and CEO of Invitae. “Importantly, we’re delivering on our promise of lowering the cost of genetic testing to ensure cost is not a barrier for patients and to make a positive impact on the otherwise skyrocketing cost of healthcare.”
Invitae’s expanded offering includes:
Invitae offers a transparent pricing structure independent of the number of genes required to provide an accurate diagnosis for any specific clinical indication. For payers and institutions who are in contract with Invitae, the price per indication can be as low as $950, depending on the payer’s requirements. For third-party payers with whom Invitae is out-of-network and for non-contracted institutions, the price per indication is $1,500. In addition, for patients without third-party insurance coverage or who do not meet insurance criteria for coverage, Invitae offers its full test menu for $475 per indication for patients whose clinician has ordered the testing online and who register online and pay in advance for the testing.
The company is on target to reach its near-term goal of offering a test menu that includes more than 1,000 genes for under $1,000 per indication in the middle of 2016.
Conference call details
Invitae will host a live conference call and webcast today at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss the expanded testing menu.
The dial-in numbers for the conference call are (877) 201-0168 for domestic callers and (647) 788-4901 for international callers, and the reservation number for both is 55474881.
The live, listen-only webcast of the conference call may be accessed by visiting the investors section of the company's website at ir.invitae.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the company's website.
Invitae Corporation's (NYSE: NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. Invitae’s goal is to aggregate most of the world’s genetic tests into a single service with higher quality, faster turnaround time, and lower price than many single-gene and panel tests today. The company currently provides a single diagnostic service comprising hundreds of genes for a variety of genetic disorders associated with oncology, cardiology, neurology, pediatrics and other rare disease areas.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s belief that it offers comprehensive and affordable cancer, cardiology, neuromuscular and pediatric and rare disorder genetic tests; the benefits of genetic testing; the company’s expectations regarding the release of additional tests and the timing thereof; that the company’s current pricing and billing policies lower the cost of genetic testing and deliver savings to the healthcare system; that the company can realize its goals, including making genetic testing more affordable and accessible to billions of people; as well as the benefits of the company’s business model; and the ability of comprehensive genetic information to significantly improve care and outcomes for people around the world. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the ability of clinical trial results to affect treatment decisions; the company’s history of losses; the company’s need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the company’s ability to generate substantial demand for its tests; the company’s ability to develop and commercialize new tests and expand into new markets; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests; risks associated with the company’s ability to use rapidly changing genetic data to interpret test results accurately and consistently; the company’s ability to compete; laws and regulations applicable to the company’s business, including potential regulation by the Food and Drug Administration; and the other risks set forth in the company’s filings with the Securities and Exchange Commission, including the risks set forth in the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
Source: Invitae Corporation