DermTech Announces Favorable Coverage Policy With Blues Plan in Michigan for the Foundational Assay of Its DermTech Melanoma Test (DMT)
19 Juli 2023 - 2:00PM
Business Wire
DermTech, Inc. (NASDAQ: DMTK) (DermTech or the Company), a
leader in precision dermatology enabled by a non-invasive skin
genomics technology, today announced a favorable coverage policy
with a Blues plan in Michigan. The favorable coverage policy, which
is in addition to a contract that became effective in August 2022,
enhances access to the foundational assay of the DermTech Melanoma
Test (DMT) for the approximately 4.5 million members of this plan.
The Pigmented Lesion Assay (PLA), the foundational assay of the
DMT, is an innovative, non-invasive way to rule out melanoma with a
99 percent negative predictive value (NPV).
“We are thrilled to join this Blues plan to bring our test to a
leading healthcare network in the U.S.,” said Chris Murphy, senior
director of payer access, DermTech. “The test rules out melanoma
non-invasively, improves patient care and reduces health care
costs. The results of our test provide objective genomic data that
helps clinicians evaluate a suspicious lesion and determine whether
biopsy is necessary. After comprehensively reviewing our most
recent clinical and health economic data, payers are recognizing
the value of our test and resulting benefits to their membership,
network providers and health plans.”
DermTech’s total covered lives in the U.S. are approximately 133
million, which includes 68 million for Medicare/Medicare Advantage
and 65 million for commercial and governmental payers.
About The DermTech Melanoma Test
DermTech originally marketed its foundational assay under the
name Pigmented Lesion Assay (PLA). The PLA assesses pigmented skin
lesions, moles or dark skin spots for melanoma. In particular, the
PLA detects expression of the LINC00518 (LINC) and preferentially
expressed antigen in melanoma (PRAME) genes using reverse
transcription-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
TERT gene promoter region using DNA sequencing. The Company has
since branded its PLA and TERT add-on-assay as the DermTech
Melanoma Test (DMT). The DMT may be ordered with or without the
add-on test for TERT. Positive results for LINC, PRAME or TERT
correlate with a lesion at higher risk for melanoma. If none of the
biomarkers are detected, this result indicates a greater than 99%
probability that the mole being tested is not melanoma.
About DermTech
DermTech is a leading genomics company in dermatology and is
creating a new category of medicine, precision dermatology, enabled
by its non-invasive skin genomics technology. DermTech’s mission is
to improve the lives of millions by providing non-invasive
precision dermatology solutions that enable individualized care.
DermTech provides genomic analysis of skin samples collected
non-invasively using our Smart StickersTM. DermTech markets and
develops products that facilitate the early detection of skin
cancers. For additional information, please visit DermTech.
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. The expectations,
estimates, and projections of DermTech may differ from its actual
results and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
"outlook," “anticipate,” “intend,” “plan,” “may,” “will,” “could,”
“should,” “believe,” “predict,” “potential,” “continue,” and
similar expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, expectations and evaluations with respect to: the
performance, patient benefits, cost-effectiveness,
commercialization and adoption of DermTech’s products and the
market opportunity for these products, DermTech’s positioning and
potential growth, financial outlook and future financial
performance, ability to monetize existing demand by increasing its
proportion of reimbursed billable samples, ability to maintain or
improve its operating efficiency and reduce operating expenses, the
sufficiency of DermTech’s cash resources and runway and ability to
access capital to fund its operating plan, the sufficiency of its
cash resources to fund planned operations for the anticipated
period, anticipated annual cash savings to be realized from the
restructuring, implications and interpretations of any study
results, and expectations regarding agreements with or
reimbursement or cash collection patterns from Medicare, government
payers or commercial payers and related billing practices or number
of covered lives. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expected results. Most of
these factors are outside of the control of DermTech 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 instituted 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’s tests; (4) the reimbursement of
DermTech’s tests by Medicare, government payers and commercial
payers; (5) the ability of patients or healthcare providers to
obtain coverage of or sufficient reimbursement for DermTech’s
products; (6) DermTech’s ability to grow, manage growth and retain
its key employees and maintain or improve its operating efficiency
and reduce operating expenses; (7) changes in applicable laws or
regulations; (8) the market adoption 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 the “Risk Factors” section 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 subsequently filed reports.
DermTech cautions that the foregoing list of factors is not
exclusive. You should not place undue reliance upon any
forward-looking statements, which speak only as of the date made.
DermTech does not undertake or accept any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions, or circumstances on which any such statement
is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20230719528387/en/
Steve Kunszabo DermTech (858) 291-1647
steve.kunszabo@dermtech.com
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