Company to Capitalize on $16.7 Billion Telehealth Market by Offering Patient Directed Testing Through an Independent Provider Network
TORONTO, ON / ACCESSWIRE / March 28, 2019 / GeneNews Limited (TSX: GEN) ("GeneNews" or the "Company"), a life sciences company specializing in blood-based biomarker tests for early cancer detection, has launched the first of several initiatives to make patient directed testing available nationwide.
GeneNews has partnered with PWNHealth, a national virtual care company that enables access to physicians who will facilitate and authorize diagnostic testing and provide guidance with test results. Patients will be able to purchase and initiate testing through an online portal at
MyCancerRisk.Com where they can pay one flat fee for the test, the physician order and consult, and phlebotomy (blood draw) services.
Once an order is submitted, GeneNews will connect the patient with a physician in PWN's network who can prescribe the test and discuss the results with patients. Patients are advised to share their test reports with their regular healthcare providers so their results can be integrated into their existing medical records as well as current or future treatment plans.
In addition to providing access to a national provider network, GeneNews has built a national blood draw network that includes a combination of more than 8,000 draw sites and mobile phlebotomists through various partnerships with clinical laboratories.
"This initiative is something we've been working toward for two years," said James Howard-Tripp, CEO of GeneNews. "We now have all the pieces in place - the right tests, the physician network, nationwide blood draw capabilities and an IT infrastructure to launch a seamless patient directed testing model." Howard-Tripp adds, "We get inquiries from patients every day on how they can access our tests and we're excited to announce that we now have a process in place to meet their needs. We will continue to expand this capability over the coming months."
In 2018 the Telehealth market was on-track to grow to 7 million patients with an anticipated growth rate of 18.5% per year. Additional data reports that 64% of Americans were willing to use telehealth services.
It is anticipated that patient directed testing will be fully operational by the end of April. The first test available for online purchase is the Prostate Health Index, an FDA approved test that can help physicians differentiate prostate cancer from benign prostatic conditions in men with elevated PSA. Patients can initiate a test order at mycancerrisk.info/prostate-health-index.
About GeneNews Limited
GeneNews is dedicated to developing and commercializing innovative solutions for early cancer detection. Our mission is to provide advanced diagnostics that can help physicians identify cancer in their patients at the earliest possible stage (Stage-0) when it is the most curable. As early pioneers in the liquid biopsy space, GeneNews developed one of the first blood-based biomarker test for the early identification of Colorectal Cancer. ColonSentry® uses the company's proprietary Sentinel Principle technology which is based on the scientific observation that circulating blood reflects, in a detectable way, what is occurring throughout the body. Today, more than 100,000 patients in the U.S. have benefited from the ColonSentry test. GeneNews' next generation test, Aristotle®, will use this proven technology to test for ten cancers from a single blood sample. In addition to building a pipeline of products for early cancer detection, GeneNews operates a CAP and CLIA accredited, clinical reference lab based in Richmond, Virginia that offers the ColonSentry® test as well as licensed biomarker tests for lung, breast and prostate cancers. www.GeneNews.com
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
James R. Howard-Tripp
Chairman & CEO
Tel. (905) 209-2030
SOURCE: GeneNews Limited
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