Sequenom Announces Coverage Agreement With Coventry Health Care For Sequenom Center For Molecular Medicine's MaterniT21™ PLUS Lab-Developed Test
SAN DIEGO, May 9, 2012 /PRNewswire/ -- Sequenom, Inc. (NASDAQ: SQNM), a life sciences company providing innovative genetic analysis solutions, today announced that it has signed an agreement with U.S. health insurance provider Coventry Health Care National Network to provide coverage for the Sequenom Center for Molecular Medicine's (Sequenom CMM) MaterniT21 PLUS laboratory-developed test (LDT). The test detects certain fetal trisomies in women at increased risk of carrying a child with one of these chromosomal anomalies.
The agreement ensures that the 2.2 million members of the Coventry First Health PPO network will have coverage for Sequenom CMM's MaterniT21 PLUS testing service, with access to more than 5,000 hospitals and 500,000 health professionals in all 50 states, including the District of Columbia and Puerto Rico.
"The coverage of the Sequenom CMM MaterniT21 PLUS LDT by the Coventry network is an important milestone, as it will ensure that doctors who are Coventry members will have access to this important testing service to help provide expectant families with important information about their pregnancy through a noninvasive, highly accurate technology," said Harry F. Hixson, Jr., Ph.D., Chairman and CEO, Sequenom, Inc.
The MaterniT21 PLUS LDT is intended for use in pregnant women at increased risk for fetal aneuploidy and can be used as early as 10 weeks gestation. In the United States, there are an estimated 750,000 high-risk pregnancies each year. Results of the MaterniT21 PLUS LDT delivered to ordering physicians will include the presence of trisomy 21, 18 or 13 for patients at increased risk of one of these anomalies. The MaterniT21 PLUS test is available through Sequenom CMM as a testing service to physicians. To learn more, please visit Sequenomcmm.com.
Sequenom, Inc. (NASDAQ: SQNM) is a life sciences company committed to improving healthcare through revolutionary genetic analysis solutions. Sequenom develops innovative technology, products and diagnostic tests that target and serve discovery and clinical research, and molecular diagnostics markets. The company was founded in 1994 and is headquartered in San Diego, California. Sequenom maintains a Web site at http://www.sequenom.com to which Sequenom regularly posts copies of its press releases as well as additional information about Sequenom. Interested persons can subscribe on the Sequenom Web site to email alerts or RSS feeds that are sent automatically when Sequenom issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the Web site.
Sequenom CMM, LLC
Sequenom Center for Molecular Medicine® (Sequenom CMM), a CAP accredited and CLIA-certified molecular diagnostics laboratory, is developing a broad range of laboratory-developed tests with a focus on prenatal and ophthalmic diseases and conditions. These laboratory-developed tests provide beneficial patient management options for obstetricians, geneticists, maternal fetal medicine specialists, ophthalmologists and retinal specialists. Sequenom CMM is changing the landscape in genetic disorder diagnostics using proprietary cutting edge technologies.
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding the Company's expectations and future performance under the coverage agreement with Coventry Health Care, the benefits or impact of the coverage agreement, the intended use for the MaterniT21 PLUS LDT and expectations regarding the future performance, utility, and impact of the test, the Company's commitment to improving healthcare through revolutionary genetic analysis solutions, and Sequenom CMM changing the landscape in genetic disorder diagnostics, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with market demand for and acceptance and use by customers of new products such as the MaterniT21 PLUS LDT, reliance upon the collaborative efforts of other parties, the Company's financial position, its ability to position itself for product launches and growth and develop and commercialize new technologies and products, particularly new technologies such as noninvasive prenatal diagnostics, laboratory developed tests, and genetic analysis platforms, the Company's ability to manage its existing cash resources or raise additional cash resources, competition, intellectual property protection and intellectual property rights of others, government regulation particularly with respect to diagnostic products and laboratory developed tests, obtaining or maintaining regulatory approvals, litigation involving the Company, and other risks detailed from time to time in the Company's most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K for the year ended December 31, 2011, and other documents subsequently filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
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