AUSTIN, Texas, Oct. 27, 2017 /PRNewswire/ — ASPiRA Labs, a Vermillion company (VRML), today announced it has entered into agreements with Joint Venture Hospital Laboratories, LLC (“JVHL”), QCA Health Plan of Arkansas, Inc. (d/b/a Qualchoice), Louisiana State Medicaid program, and Arizona State Medicaid Program to provide coverage for its in vitro diagnostic test, OVA1®.
“We are pleased to expand the in-network coverage for OVA1 with the signing of these agreements,” said Fred Ferrara, Chief Operating Officer of Vermillion, Inc. “These agreements increase coverage in strategic geographic areas, and expand access to OVA1, the strongest performing Multi-Algorithm Ovarian Cancer Risk Assessment test available today. ASPiRA Labs continues to secure additional key contracts at favorable rates for our technology.”
JVHL provides approximately 600 thousand BlueCare Network of Michigan members with access to OVA1 as an in-network benefit, while Qualchoice provides OVA1 access to more than 87 thousand lives in Arkansas. Expanded Medicaid participation in key states accelerates OVA1 adoption.
Expanding managed care access and demonstrating the impact of OVA1 to each healthcare plan is the foundation of ASPiRA Labs’ market adoption strategy. The evolution of payer relationships – from positive medical policy to in-network agreements – will be an ongoing theme in the future. More than 97 million lives are contracted or have a positive policy determination for OVA1.
OVA1 studies have demonstrated a reduction in false negative results, indicating earlier and improved detection of ovarian cancer compared to the standard of care. Detecting ovarian cancer at an early stage leads to improved patient outcomes while reducing costs to the healthcare system. Links to multiple clinical studies showing OVA1 (MIA)’s strong performance over CA125 and ROMA with ovarian cancer can be found on our website.
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic and bio-analytical solutions that help physicians diagnose, treat and improve gynecologic health outcomes for women. Vermillion, along with its prestigious scientific collaborators, discovers, develops, and delivers innovative diagnostic and technology tools that help women with serious diseases. The company’s initial in vitro diagnostic test, OVA1® (MIA), was the first FDA-cleared, protein-based In Vitro Diagnostic Multivariate Index Assay, and represented a new class of software-based liquid biopsy in vitro diagnostics. In March 2016 Vermillion received FDA clearance for Overa™, a Multivariate Index Assay 2nd Generation (MIA2G) test with significantly improved specificity and ease of use. For additional information, including published clinical trials, visit www.vermillion.com.
This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding Vermillion’s position to expand coverage for OVA1 (MIA). Words such as “may,” “expects,” “intends,” “anticipates,” “believes,” “estimates,” “plans,” “seeks,” “could,” “should,” “continue,” “will,” “potential,” “projects” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this press release are based on Vermillion’s expectations as of the date of this press release. A variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements, including changes to interpretations of existing laws and regulations and other factors that are described in Vermillion’s Form 10-K for the year ended December 31, 2016 and Form 10-Q for the quarter ended March 31, 2017 as filed with the Securities and Exchange Commission. Vermillion expressly disclaims any obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this press release, except as required by law.
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