RUTHERFORD, N.J., July 16, 2015 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or "The Company"), an emerging leader in DNA-based cancer diagnostics, announced today that it has signed an agreement with Harvard Pilgrim Healthcare ("HPHC"), a health care network covering over one million people throughout Massachusetts, Connecticut and Maine. Under the terms of the agreement, CGI will offer cancer diagnostic services to individuals covered under Harvard Pilgrim plans.
Harvard Pilgrim's extensive provider network includes over 135 hospitals and 28,000 doctors and clinicians among them, physicians who practice in a variety of settings, including individual practices, small medical groups and large multi-specialty groups. As part of the agreement, the HPHC network will have access to the full range of oncology-focused proprietary tests offered by CGI.
Working with provider networks, such as Harvard Pilgrim Healthcare, is central to CGI's multi-part access and reimbursement strategy. By establishing relationships with leading payers and insurance companies, CGI plans to expand access to and ensure reimbursement for the Company's leading-edge genomic tests to help providers appropriately manage and personalize treatment.
"Cancer Genetics is very pleased to announce this relationship with Harvard Pilgrim Health Care. HPHC is one of the most respected health plan organizations in New England and is widely regarded for health care innovation, exceptional clinical quality and member satisfaction," said Randy Goodman, Ph.D., Director of Reimbursement and Clinical Revenue Cycle Management at Cancer Genetics, Inc. "This agreement not only provides us with the opportunity to deliver services to a larger number of patients, but also allows us to work jointly with HPHC to help transform cancer patient management, increase treatment efficacy and reduce healthcare costs."
Harvard Pilgrim's innovative approach to healthcare and collaboration with top institutions makes it a natural partner for CGI. Harvard Pilgrim Health Care Institute's Department of Population Medicine is a unique collaboration between Harvard Pilgrim and Harvard Medical School. Created in 1993, it is the only appointing medical school department in the United States based within a health plan.
About Cancer Genetics
Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostics. Our tests target difficult to diagnose hematological, urogenital and HPV-associated cancers. They are designed to guide the prognosis and treatment of these cancers with the goal of improving outcomes for patients. We have established strong clinical research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute. CGI also offers a comprehensive range of oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals and biopharmaceutical companies. Our state-of-the-art reference labs are CLIA certified and CAP accredited in the US and have licensure from several states including New York State.
About Harvard Pilgrim
Harvard Pilgrim is a not-for-profit health plan that provides a variety of health benefit options and funding arrangements to more than one million members in Massachusetts, New Hampshire and Maine. For the second year in a row, Harvard Pilgrim Health Care is the highest-ranked health insurance plan in the New England region in the J.D. Power and Associates 2010 National Health Insurance Plan Study.SM Harvard Pilgrim received the highest ranking for overall member satisfaction in the New England region. The study looked at key factors in delivering satisfaction to health plan members including customer service, coverage and benefits, provider choice, information and communication and claims processing. In addition, Harvard Pilgrim, for the fifth consecutive year, was named the #1 commercial health plan in America according to a joint ranking by U.S.News & World Report and the National Committee for Quality Assurance (NCQA)*. For more information, please visit www.harvardpilgrim.org.
Forward Looking Statement
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. products and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, risks of cancellation of customer contracts or discontinuance of trials, risks that anticipated benefits from acquisitions will not be realized, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, maintenance of intellectual property rights and other risks discussed in the Cancer Genetics, Inc. Forms 10-K for the year ended December 31, 2014 and 10-Q for the quarter ended March 31, 2015 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics, Inc. disclaims any obligation to update these forward-looking statements.