-- Company’s goal is to make genetic testing more affordable and
accessible --
-- Applies to full menu of testing in cancer, cardiology, neurology,
pediatric genetics, hematology and other rare conditions --
SAN FRANCISCO--(BUSINESS WIRE)--
Invitae
Corporation (NYSE:
NVTA), a genetic information company, announced today the launch of
its new patient pay price for its full menu of genetic tests at $475 per
indication. This new price covers all of Invitae’s offerings in cancer,
cardiology, neurology, pediatric genetics, hematology and other rare
conditions. It is exclusively for patients who register online, pay up
front for genetic services themselves and whose clinician has ordered
the testing online. This new, more affordable price is intended to help
Invitae serve more patients, including those who do not meet coverage
policies for testing, those with high-deductible plans and those not
covered by insurance.
For example, this new pricing program provides an affordable test for
women who previously tested negative for BRCA 1 and 2 and now want to
consider testing for additional high risk genes for whom insurance may
not cover a second test. The test must be requested by the patient’s
clinician, which is consistent with one of the company’s core principles
of involving medical professionals in the ordering and interpreting of
tests.
“Most of the conversations about reimbursement for genetic testing have
focused on economic issues. However, an under-appreciated dimension in
using genetic testing for genetic care is an ethical one. For years,
many people and their families have not had the benefit of clearly
indicated genetic testing due to unwillingness of third-party payers to
pay the historically high cost,” said Robert Nussbaum, M.D., Invitae’s
incoming chief medical officer and currently the chief of the Division
of Genomic Medicine at UCSF Health. “Now that the genetics market is
becoming a generic market—and thanks to the ongoing innovations and cost
reductions in sample preparation, sequencing and medical
interpretation—we are beginning to see the benefits translated into
affordable testing for patients.”
Invitae has also introduced a new price for institutional customers and
third-party payers. For those with whom Invitae has contracts and who
bring Invitae in network, the price per indication is $950. For
third-party payers with whom Invitae is out of network and
non-contracted institutions, the price per indication remains $1,500.
“One of our goals is to make genetic testing more affordable and
accessible to billions of people, and this new pricing strategy enables
us to leverage the progress we’ve made and convert that into savings for
patients and the healthcare system,” said Randy Scott, chief executive
officer of Invitae. “The new patient pay program reflects our ability to
bring affordable genetic testing to the masses in a medically
responsible way. We believe we are well positioned to be one of the
leaders in multiple markets, at multiple price points, serving a
multibillion-dollar industry.”
Data Presentation at ASCO
This announcement coincides with a poster presentation at ASCO in which
Invitae collaborated with two major medical centers on a clinical
utility study to demonstrate the clinical utility of expanded gene
testing for hereditary breast and ovarian cancer (Abstract
1513).
About Invitae
Invitae’s (NYSE:NVTA) mission is to bring comprehensive genetic
information into mainstream medical practice to improve the quality of
healthcare for billions of people. Currently focused on hereditary
cancers, 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 prices than many single-gene tests today. The company
currently provides a single diagnostic service comprising over 200 genes
for a variety of genetic disorders associated primarily with cancer, but
also covering cardiology, hematology, neurology and pediatric genetics.
For more information, visit our website at ir.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 is well
positioned to be one of the leading providers of genetic testing
services in multiple markets, at multiple price points, serving a
multibillion dollar industry; and the company’s belief that it can
accelerate the adoption of comprehensive genetic information into
mainstream medical care and realize its mission of making genetic
testing more affordable and accessible to billions of people.
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 to
leverage advances in the testing process and medical interpretation; the
results of clinical studies; the applicability of clinical results to
actual outcomes; 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 March 31, 2015. These forward-looking statements speak
only as of the date hereof, and Invitae Corporation disclaims any
obligation to update these forward-looking statements.
NOTE: Invitae and the Invitae logo are trademarks of Invitae
Corporation. All other trademarks and service marks are the property of
their respective owners.
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Source: Invitae Corporation