SAN DIEGO – DermTech, Inc. (NASDAQ: DMTK) (“DermTech” or the “Company”), a leader in precision dermatology enabled by a non-invasive skin genomics platform, today announced an agreement with a Plan Blues in Hawaii .
The contract, coupled with a favorable coverage policy, improves access to DermTech’s essential Melanoma Test (DMT) assay for the plan’s nearly 800,000 members. DMT is an innovative, non-invasive way to improve detection of melanoma with a negative predictive value (NPV) greater than 99 percent.
“We are pleased to expand our connection with this major payer in Hawaii and further lower barriers to access with our test now available as an in-network benefit,” said Chris Murphy, senior director of payer access, DermTech. ‘DMT test results are clinically meaningful and actionable, improve patient care and reduce healthcare costs. After reviewing our portfolio of health and clinical economic data, payers are recognizing the value of our trial and the resulting benefits for their members, network providers and health plans.’
The total lives covered by DermTech in the US is approximately 126 million, which includes 68 million for Medicare/Medicare Advantage and 58 million for commercial and government payers.
About the DermTech Melanoma Test
DermTech originally marketed its pivotal assay as the Pigmented Lesion Assay (PLA). The PLA assesses pigmented skin lesions, moles, or dark spots on the skin for melanoma. In particular, PLA detects the expression of the LINC00518 (LINC) and preferentially expressed antigen in melanoma (PRAME) genes by reverse transcriptase-polymerase chain reaction (RT-PCR). The company introduced its second-generation test in 2021 as an add-on assay to PLA, which is designed to identify the presence of mutations in the promoter region of the TERT gene using DNA sequencing. The company has since named its additional PLA and TERT assay the DermTech Melanoma Test (DMT). The DMT can be ordered with or without the additional test for TERT. Positive results for LINC, PRAME, or TERT correlate with a lesion at increased risk of melanoma. If none of the biomarkers are detected, this result indicates a greater than 99% probability that the mole being tested is not a melanoma.
About Derm Tech
DermTech is a leading dermatology genomics company and is creating a new category of medicine, precision dermatology, enabled by its non-invasive skin genomics platform. DermTech’s mission is to improve the lives of millions of people by providing non-invasive precision dermatology solutions that enable individualized care. DermTech provides genomic analysis of non-invasively collected skin samples using our Smart StickersTM. DermTech markets and develops products that facilitate early detection of skin cancers and is developing products that assess inflammatory diseases and personalize drug treatments.
forward-looking statements
This press release includes ‘forward-looking statements’ within the meaning of the ‘safe harbor’ provisions of the Private Securities Litigation Reform Act of 1995. DermTech’s expectations, estimates and projections may differ from its actual results and, accordingly, you should not rely on these forward-looking statements as predictions of future events. Words like ‘expect’, ‘estimate’, ‘project’, ‘budget’, ‘forecast’, ‘outlook’, ‘anticipate’, ‘intend’, ‘plan’, ‘may’, ‘will’, ‘might’, ‘should’, ‘believe’, ‘predict’, ‘potential’, ‘continue’ and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, expectations and assessments regarding: performance, patient benefits, profitability, commercialization and adoption of DermTech’s products and the market opportunity for these products, positioning and DermTech’s potential growth, financial prospects and future financial performance, ability to monetize existing demand by increasing its proportion of billable samples reimbursed, ability to maintain or improve its operating efficiencies and reduce operating expenses, adequacy of cash resources, and DermTech’s lead and ability to access capital to fund its operating plan, implications and interpretations of the results of any studies, expectations regarding Medicare, government payer or commercial payer reimbursement or cash collection arrangements or patterns and practices related billing or number of lives covered and DermTech’s ability to expand its product offerings and develop in-process products. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of DermTech’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be brought against DermTech; (2) DermTech’s ability to obtain additional funding to develop and market its products; (3) the existence of favorable or unfavorable clinical guidelines for DermTech tests; (4) reimbursement for DermTech tests by Medicare, government payers, and commercial payers; (5) the ability of patients or healthcare providers to obtain sufficient coverage or reimbursement for DermTech’s products; (6) DermTech’s ability to grow, manage growth and retain its key employees and maintain or improve its operating efficiencies and reduce operating expenses; (7) changes in applicable laws or regulations; (8) market adoption of and demand for DermTech’s products and services together with the possibility that DermTech may be adversely affected by other economic, business and/or competitive factors and (9) other risks and uncertainties included in section “Risk factor’s”. of the most recent Annual Report on Form 10-K filed by DermTech with the Securities and Exchange Commission (the ‘SEC’), and other documents filed or to be filed by DermTech with the SEC, including reports subsequently filed. DermTech cautions that the above list of factors is not exclusive. You should not place undue reliance on any forward-looking statement, which refers only to the date it was made. DermTech does not assume or accept any obligation or commitment to post any update or revision to any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances on which such statement is based.
Contact:
steve kunszabo
Phone: (858) 291-1647
Email: [email protected]
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