PARIS--(BUSINESS WIRE)-- Regulatory News:
- Quorum was not reached
- RedPath submitted to Highmark an extensive dossier supporting the clinical utility of PathFinderTG®-Pancreatic cancer
The extraordinary shareholders’ meeting of ExonHit Therapeutics (Paris:ALEHT) convened on second notice on July 8 to vote on the acquisition of RedPath Integrated Pathology, Inc. was not able to deliberate for lack of quorum. This situation may result from the decision of numerous shareholders to defer their vote pending the final decision on the coverage of PathFinderTG®-Pancreatic cancer test by Highmark Medical Services Inc. (a Medicare regional antenna).
RedPath Integrated Pathology, Inc. submitted an extensive dossier supporting the clinical utility of PathFinderTG®-Pancreatic cancer test to Highmark seeking maintenance of coverage. The filing includes recent data published in peer-reviewed scientific journals, as well as testimonies from key opinion leaders, patient advocacy groups, physicians and patients.
“It will take several weeks for Highmark to review the RedPath dossier. We anticipate a response by summer end. Once this decision is known, we will inform our shareholders,” said Loïc Maurel, M.D., President of the Management Board at ExonHit Therapeutics.”
As a reminder, ExonHit informed its shareholders on June 18, 2010 that Highmark announced its intention to revisit the reimbursement decision for PathFinderTG® – Pancreatic cancer test, contingent upon a complementary assessment of the clinical utility of the product. Highmark final decision regarding product coverage will take effect on September 29, 2010. RedPath had until July 9, 2010 to file a dossier to support Centers for Medicare and Medicaid Services (CMS) coverage of the diagnostic test.
About the US healthcare system
Medicare is a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over. Medicaid is the United States health program for eligible individuals and families with low incomes and resources. Medicare and Medicaid are administered by the US federal agency called Centers for Medicare & Medicaid Services or CMS. Due to the size of the United States, regional reimbursement agencies, such as Highmark, are spread throughout the country.
About ExonHit Therapeutics
ExonHit Therapeutics (Alternext: ALEHT) is a fast emerging healthcare player active in both therapeutics and diagnostics. The Company is applying its proprietary technology, based on the analysis of alternative RNA splicing, to develop innovative molecular diagnostic tests and therapeutics for Alzheimer’s disease and cancer indications. ExonHit has a balanced investment strategy with internal development programs and strategic collaborations, in particular with bioMérieux and Allergan.
ExonHit is headquartered in Paris, France and has U.S. offices in Gaithersburg, Maryland. The Company is listed on Alternext of NYSE Euronext Paris. For more information, please visit http://www.exonhit.com.
Disclaimer
This press release contains elements that are not historical facts including, without limitation, certain statements on future expectations and other forward-looking statements. Such statements are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated.
In addition, ExonHit Therapeutics, its shareholders, and its affiliates, directors, officers, advisors and employees have not verified the accuracy of, and make no representations or warranties in relation to, statistical data or predictions contained in this press release that were taken or derived from third party sources or industry publications, and such statistical data and predictions are used in this press release for information purposes only.
Finally, this press release may be drafted in the French and English languages. In an event of differences between the texts, the French language version shall prevail.
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