Expanded offering now one of the most comprehensive and includes testing for endocrine, blood, bone, brain, genitourinary, sarcoma, and skin cancers
Invitae Corporation (NYSE: NVTA), a genetic information company, today announced that it has expanded its hereditary cancer genetic testing menu, now offering an even more comprehensive testing menu that covers all major hereditary cancers.
Invitae has expanded its test menu to include blood, bone, brain, endocrine (hyperparathyroidism, thyroid cancer, and paraganglioma-pheochromocytoma), genitourinary (renal/urinary tract and prostate cancer), sarcoma, and skin cancers (melanoma and basal cell nevus syndrome). This expanded test menu is offered at the same price and with the same flexibility as all of Invitae’s genetic tests.
“A broad hereditary cancer testing menu provides clinicians with options, to choose a single or a set of genes. Providers have therefore a flexibility to test for a single specific syndrome, or since many clinical scenarios overlap between many syndromes, then the clinician can ask for a wider panel with synchronous testing,” said Fadi Braiteh MD, Director of the Phase I oncology program and GI malignancies program for Comprehensive Cancer Centers of Nevada. “The availability and ease of ordering, the robustness of the technology and quality assurance, coupled with a conscious effort for cost-saving are essential, and should be on the mind of each clinician. These new panels provide us with such an option.”
In addition, Invitae is introducing three new, focused panels based entirely on oncology management guidelines in breast, gynecologic, and colon cancer. Invitae is also pleased to offer epidermal growth factor receptor (EGFR) testing for patients with strong personal and family history of lung cancer, particularly when there is no history of environmental exposures such as tobacco smoking or radon.
“Invitae is committed to providing genetic testing in the most medically-responsible way. Often management guidelines for hereditary cancer genetic testing dictate how surgeons and oncologists treat their patients,” said Robert Nussbaum, MD, chief medical officer of Invitae. “With responsible, guidelines-based medical practice and Invitae’s expanded cancer menu, clinicians are able to provide patients and providers with testing that is relevant to the diagnosis of an even greater number of hereditary cancer syndromes.”
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 that 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.
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 can accelerate the adoption of comprehensive genetic information into mainstream medical care and realize its mission; the timing of any new testing service releases and the attributes of any such services; the company’s beliefs regarding the benefits of its pricing program; the company’s belief that its expanded cancer menu will help clinicians be able to provide patients and providers with testing that is relevant to diagnoses; the company’s beliefs with respect to the availability of EGFR testing; the attributes and benefits of the company’s tests to patients, physicians and payers; and the indicators of the company’s success and its expected actions with respect to those indicators. 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 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 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 September 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