Genomic Testing Cooperative added insurance approval for two cancer tests, a move it said will cut medical costs and boost care.
The Irvine-based company does genomic profiling at the molecular level; such testing can be used to identify genetic alterations commonly associated with cancer.
Two GTC hematology testing profiles recently qualified for insurance coverage by Medicare or preferred providers, working with insurers including United Healthcare, Aetna, and Blue Shield.
“Proper diagnosis, classification and clinical management of hematologic malignancies require in-depth molecular profiling,” said Chief Executive Dr. Maher Albitar. “Putting patients on the wrong therapy could cost [more than] $100,000 and cause harm.”
The approval came via Palmetto GBA, a government benefits administrator for Alabama, Georgia, and Tennessee.
“The domino effect is in motion,” Chief Commercialization Officer Arie Shen told the Business Journal last week.
Twofer
The two tests—GTC-Hematology and GTC-Hematology Plus—are aimed at aiding pathologists and physicians as they establish diagnosis and prognosis, and determine patient therapy.
The DNA tests focus on hematologic neoplasms, such as leukemia or lymphoma, and can be extracted from peripheral blood samples—a liquid biopsy—instead of the typically more painful bone marrow biopsy.
Laboratory and hospital members of the co-op have immediate access to the test, including Cellgen Diagnostic in San Diego and CSI Laboratories in Alpharetta, Georgia.
GTC said its co-op model helps members standardize tests, work with FDA, and run clinical trials for new drugs.
Next Gen
Company officials expect “several million” dollars in revenue this year and forecast triple-digit organic growth next year. It’s hiring and may seek funding, Albitar and Shen said.
Leadership includes Chief Operations Officer Lawrence Eck, as well as Jennifer Varca, vice president for business development; R&D Chief Wanlong Ma; and Biostatistics and AI Director Hong Zang. Albitar is also GTC’s chief medical officer.
He’s a science board adviser to HealthLynked Corp. (OTC: HLYK) in Naples, Fla., a $14 million market cap, software platform for healthcare providers and patients, and was previously a medical director and research chief for hematopathology and oncology with S&P 500 member, Secaucus, N.J.-based Quest Diagnostics Inc. (NYSE: DGX).
Prior to founding GTC last year, he was senior vice president and chief medical officer with Fort Myers, Fla.-based NeoGenomics Inc. (Nasdaq: NEO), a $2.1 billion market cap, network of cancer testing labs in five states and in Singapore and Switzerland. One of its labs is in Aliso Viejo, after its 2015 purchase of GE Healthcare unit Clarient.
While at NeoGenomics, Albitar helped develop new multimethod, disease-specific cancer profiles. His training and teaching postings include University of Pennsylvania and University of Texas MD Anderson Cancer Center.
