Theralink® Technologies Announces New PLA Code and Information Submittal to Medicare Contractors for the Theralink Assay for Advanced Breast Cancer Patients
Theralink Technologies (OTC: THER) announced a dedicated Proprietary Laboratory Analyses (PLA) code, 0249U, for its Theralink Assay for Advanced Breast Cancer.
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Rhea-AI Summary
Theralink Technologies (OTC: THER) announced a dedicated Proprietary Laboratory Analyses (PLA) code, 0249U, for its Theralink Assay for Advanced Breast Cancer. This assay measures activated protein levels, aiding oncologists in therapy selection. The company plans to bill using this new code, which may enhance its financial prospects. Additionally, Theralink is working with Medicare Administrative Contractors to establish an appropriate reimbursement rate for the Theralink test. This milestone reinforces Theralink's position as a leader in precision medicine for oncology.
Positive
- New PLA code 0249U for Theralink Assay approved, enhancing marketability.
- Potential for increased revenue by billing with the new PLA code.
Negative
- Uncertainty regarding the traditional reimbursement rate establishment process with Medicare.
Details
News Market Reaction – THER
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DENVER, March 21, 2022 /PRNewswire/ -- Theralink Technologies (OTC: THER) ("Theralink" or the "Company"), a precision medicine company with a patented, novel phosphoprotein-based assay for breast cancer today announced that the American Medical Association (AMA) has recently issued a new, dedicated Proprietary Laboratory Analyses (PLA) code for the Theralink Assay for Advanced Breast Cancer. The Theralink assay measures the tumor cell levels of activated proteins, which are the primary targets of most FDA-approved therapies and biopharmaceutical investigational drugs. The new PLA code is 0249U. In addition, Theralink has submitted information to the appropriate Medicare Administrative Contractors (MAC's) that will help them in establishing an appropriate rate for the Theralink test.
The Theralink Assay combines two well-established technologies: Laser Capture Microdissection (LCM) and Reverse Phase Protein Array (RPPA). This combination of technologies identifies activated proteins that are the direct targets of cancer precision medicine therapies from enriched tumor material. As a result, Theralink can provide oncologists with a potential predictive molecular tool that may aid in the selection of appropriate therapies.
"We are extremely pleased that the AMA has approved a unique PLA code for our Theralink Assay for Advanced Breast Cancer," said Mick Ruxin, M.D., President & CEO of Theralink Technologies. "This is another important milestone for our company." Dr. Ruxin went on to say, "It also may provide incremental financial value to the Company as we intend to start billing with the new PLA code and its associated rate in the future".
About Theralink Technologies, Inc.
Theralink Technologies is a proteomics-based, precision medicine company with a CLIA-certified laboratory located in Golden, Colorado. Through its unique and patented phosphoprotein and protein biomarker platform and LDTs, Theralink's technology targets multiple areas of oncology and drug development. Theralink provides precision oncology data through its powerful Theralink® Reverse Phase Protein Array assays that may assist the biopharmaceutical industry and clinical oncologists in identifying likely responders and non-responders to both FDA-approved and investigational drug treatments. Theralink intends to help improve cancer outcomes for patients, help reveal therapeutic options for oncologists, and support biopharmaceutical drug development by using a beyond-genomics approach to molecular profiling that directly measures drug target levels and activity. For more information, please visit www.theralink.com.
Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results, patient enrollment and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by Theralink Technologies with the Securities and Exchange Commission. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
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