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Why Genetic Technologies is up 25 Percent Thursday (GENE)

6476561087_81b0b36059_zShare of Genetic Technologies (NASDAQ: GENE) are up 25 percent in early Thursday trading after the company announced that it had come to an agreement with InterWest Health where its BREVAGen test would be covered “in-network.” This is notable not just because it expands the coverage for the test, but also because the payment received for the test is higher and the company receives it faster.

This agreement is the eighth to be negotiated with PPO providers. In June, the company announced an agreement with FedMed–a network that includes 550,000 physicians and 4,000 hospitals covering more than 40 million people. With all of the combined agreements, BREVAGen is now available to 102 million people.

BREVAGen is a breast cancer test that combines genetic testing with clinical risks like weight and other lifestyle choices to gauge a person’s five-year and lifetime risk of developing the disease. It uses different genetic markers than the BRCA 1 and BRCA 2 markers that gauge a person’s genetic risk but according to the company website, only 15 percent of breast cancer cases are genetic.

[stock-tools exchange="NASDAQ" symbol="GENE" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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