Invitae expands its offering for rare disease with broader, affordable genetic tests
-- High-quality genetic tests now available.
-- More panels for rare diseases to be introduced in coming months --
SAN FRANCISCO, October 7, 2015 – Invitae Corporation (NYSE: NVTA), a genetic information company, today announced that it has started to expand its offering of genetic tests for rare diseases, providing broader panels and new testing categories.
Invitae plans to continue to broaden its test menu for rare and pediatric conditions over the next few months.
Individuals with clinical evidence of childhood-onset genetic conditions may benefit from diagnostic testing to confirm a clinical diagnosis, determine inheritance patterns, allow accurate genetic counseling for parents, provide insight into clinical management strategies for optimal patient care, and, in some cases, establish eligibility for clinical trials.
“As clinicians, we see families who have suffered a diagnostic odyssey that can last for years and cost the families and the healthcare system a significant amount of money,” said Michael Knowles, MD, professor of pulmonary and critical care medicine at University of North Carolina School of Medicine. “We have been waiting for a comprehensive and affordable clinical genetic panel to aid the diagnosis of PCD and other rare lung diseases, and are delighted to see comprehensive clinical genetic panels that provide options for patients with symptoms suggesting a genetic lung condition. Congratulations to Invitae for this new development.”
"The PCD Foundation welcomes news of an expanded genetic panel to aid in the diagnostic process for PCD. Access to comprehensive and affordable genetic testing holds the promise of simpler and earlier diagnosis, which would greatly improve the quality of life for families and affected individuals who are often caught in a protracted, confusing, and painful diagnostic process,” said Michele Manion, executive director of the PCD Foundation. “Accurate diagnosis is the cornerstone that supports our research efforts, in turn providing hope for people with PCD. We congratulate Invitae on this exciting announcement."
Invitae offers a transparent pricing structure independent of the number of genes required to provide an accurate diagnosis for any specific clinical indication. For payers and institutions who are in contract with Invitae, the price per indication can be as low as $950, depending on the payer’s requirements. For third-party payers with whom Invitae is out-of-network and for non-contracted institutions, the price per indication is $1,500. In addition, for patients without third-party insurance coverage or who do not meet insurance criteria for coverage, Invitae offers its full test menu for $475 per indication for patients whose clinician has ordered the testing online and who register online and pay in advance for the testing.
“Historically, genetic testing has been inaccessible to many because of the cost associated with high quality tests. Invitae is committed to making testing accessible to billions of people by lowering the cost of high-quality genetic testing,” said Robert Nussbaum, MD, chief medical officer of Invitae. “Genetic testing of childhood-onset conditions may confirm diagnosis and inheritance patterns, providing families and other at-risk individuals the ability to make informed decisions.”
Invitae Corporation's (NYSE: NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. 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 price than many single-gene and panel tests today. The company currently provides a single diagnostic service comprising hundreds of genes for a variety of genetic disorders associated with oncology, cardiology, neurology, pediatrics and other rare disease areas.
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 potential benefits of genetic testing and the company’s tests; the ability of the company’s tests to provide a simpler and earlier diagnosis; the number of potential patients who may benefit from the company’s tests; the company’s commitment to making genetic testing more accessible by lowering the cost; the company’s expectations regarding the release of additional tests and the timing thereof; the benefits of the company’s pricing and billing policies; and the ability of the company to realize its goals, including 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 company’s history of losses; the company’s ability to generate substantial 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 June 30, 2015. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
Source: Invitae Corporation
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