CardioDx Inks Draw Deal With Quest
CardioDx, a California-based molecular laboratory that specializes in cardiac assays, has entered into a blood draw agreement with national lab giant Quest Diagnostics. Under the terms of the multi-year agreement, doctors who wish to order CardioDx’s Corus CAD test can order related patient blood draws through Quest’s more than 2,000 patient service centers and 4,000 […]
CardioDx, a California-based molecular laboratory that specializes in cardiac assays, has entered into a blood draw agreement with national lab giant Quest Diagnostics.
Under the terms of the multi-year agreement, doctors who wish to order CardioDx's Corus CAD test can order related patient blood draws through Quest's more than 2,000 patient service centers and 4,000 phlebotomists in physician offices nationwide. Samples would then be forwarded to CardioDx's lab in Redwood City, Calif. for testing.
The deal with Quest is the first major draw deal by CardioDx with a big lab, and allows it to expand access to its test without having to invest significantly in infrastructure. CardioDx previously received national coverage contracts last year with two major commercial payers, Aetna and Coventry Health, along with coverage from the Medicare program.
"This agreement with Quest represents another major milestone that will expand patient access to the test and allow CardioDx to strengthen relationships with clinicians," said David Levison, President and Chief Executive Officer of CardioDx. "Quest is the world leader in diagnostic testing, and we are thrilled that it will now be easier for patients to access the Corus CAD test."
Financial terms of the agreement with Quest were not disclosed.
CardioDx positions its test as both prognostic and prophylactic. It can predict the likelihood of coronary artery disease with a 96 percent reliability rate, higher than other traditional forms of cardiac testing, the company has claimed. It also positions Corus CAD as a far less invasive and expensive alternative to cardiac imaging procedures such as myocardial perfusion imaging and cardiac angiography, which expose the patient to radiation and potential medical complications.
A study published by CardioDx researchers last year and published in the journal Population Health Management concluded that use of the test also leads to a cost savings of 9.4 percent compared to those more traditional procedures. The company said that using Corus CAD in lieu of those two tests would save a health plan with 500,000 enrollees about $6.7 million per year.
"The addition of this test to our offering provides a new avenue to generate value from Quest's uniquely large network of patient service centers and in-office phlebotomists in the United States," said Patrick Plewman, General Manager of Quest Diagnostics' cardiovascular, metabolic and endocrinology clinical franchise, in a statement.
The privately held CardioDx has not disclosed any sales volumes, but has said Corus CAD has been utilized more than 100,000 times. The company recently raised $5 million in an offering to outside investors, according to documents from the U.S. Securities and Exchange Commission—on top of nearly $120 million it has raised over the past four years. The company has financial backing from venture capital firms such as GE Capital, Intel Capital, J.P. Morgan and Mohr Davidow.
Takeaway: CardioDx continues to expand the availability of its primary assay through a joint venture with a much larger laboratory.
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