ROSG huge move up on news~ 2.70
Rosetta Genomics Achieves Major Commercial Milestone by Obtaining Medicare Coverage of miRview mets2 Assay
Medicare Beneficiaries to Gain Access to Proprietary Test to Identify Tumor Origin in Cancer of Unknown and Uncertain Primary
May 16, 2012 7:28:00 AM
PHILADELPHIA, PA and REHOVOT, ISRAEL -- (Marketwire) -- 05/16/12 -- Rosetta Genomics Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostic tests, today announced that Novitas, the designated Medicare Administrative Contractor for the Company's miRview® mets² assay, has informed Rosetta that it plans to cover this assay for all Medicare beneficiaries. MiRview® mets² accurately identifies the primary tumor of origin in primary and metastatic cancer including Cancer of Unknown or Uncertain Primary ("CUP").
"This is a major commercial achievement for Rosetta Genomics as Medicare coverage is a critical step toward widespread commercial adoption and payment for our lead diagnostic assay, miRview® mets², and enables access to this clinically valuable test to Medicare patients. This decision is important not only because Medicare is the largest U.S. payor, covering a large percentage of the patients for whom miRview® mets² has been ordered historically and would be expected to be ordered in the future, but also because private payors often look to Medicare's decisions when setting their own reimbursement policies," noted Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. "We are particularly pleased with how rapidly we obtained Medicare coverage, as we launched our direct selling effort in the U.S. just one year ago.
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