-- 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 --
SAN FRANCISCO--(BUSINESS WIRE)--
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:
-
Comprehensive cancer testing: More than 40 test panels, comprised of
more than 70 carefully curated genes. The Invitae hereditary cancer
menu consists of a mix of broader tests and smaller focused panels.
The new offering includes a new common hereditary cancers panel and a
gastric cancer panel, as well as expanded breast, gynecologic, colon,
and pancreatic cancer panels. Before the end of the year, Invitae
plans to further expand its cancer offering to include all hereditary
cancers, including blood, bone, brain, endocrine, genitourinary, and
skin cancers, as well as sarcomas.
-
Comprehensive cardiovascular testing: More than 30 test panels,
representing more than 190 carefully curated genes. The new test menu
includes large combination panels for several conditions, including
arrhythmias, cardiomyopathies, aortopathies, familial
hypercholesterolemia, pulmonary hypertension, and congenital heart
disease.
-
Expanded neuromuscular testing: 15 major test panels, comprised of
nearly 100 carefully curated genes for disorders including
Duchenne/Becker muscular dystrophy, dystonia, Charcot-Marie-Tooth
disease, and hereditary spastic paraplegia.
-
Expanded pediatric and rare disorder testing: More than 40 test
panels, comprised of more than 140 carefully curated genes, for
disorders including RASopathies and primary ciliary dyskinesia (PCD).
Invitae also continues to offer testing for hematology-related
disorders, including hereditary hemochromatosis and hereditary
thrombophilia.
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.
About Invitae
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.
For more information, visit our website at www.invitae.com
and follow us on Twitter: @invitae
and @invitaeIR.
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

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Source: Invitae Corporation