23rd Jan 2025 11:36
(Alliance News) - GENinCode PLC on Thursday saw its share price more than double as it reported key developments relating to its Cardio inCode genetic test.
The Oxford, England-based genomic testing company focused on the prevention of cardiovascular disease said its genetic test evaluating the risk of coronary heart disease, Cardio inCode, has been included in the 2025 US Clinical Lab Fee Schedule.
The share price in GENinCode more than doubled to 7.22 pence each on Thursday morning in London. It is 52% higher than a year ago.
The firm said the development enables the reimbursement from both Medicare and Medicaid across the US, having been "clinically adopted across leading US healthcare institutions".
The US Clinical Lab Fee Schedule refers to a set of fees used by the Centres for Medicare and Medicaid Services for clinical laboratory tests and services.
GENinCode said the price of its test varies on a state by state basis, ranging between USD450 and USD570.
It added that the test is also being implemented as a coronary heart disease prevention measure in Spain's Catalonia region by the local health ministry.
Catalonia has up to 476,000 patients estimated to be at risk of CHD and GENinCode says it expects test volumes to reach up to approximately 1,000 this year.
The firm is also progressing its submission to the US Food & Drug Administration for the test, and anticipates providing a relevant update in the coming months.
Chief Executive Matthew Walls said: "The start of US revenues and inclusion in the CMS Clinical Lab Fee Schedule supports the US scale-up of Cardio inCode for prevention of coronary heart disease. We anticipate an acceleration in adoption of Cardio inCode across US states and health institutions post FDA approval.
"The success of the Cardio inCode CHD prevention program in the Catalonia region of Spain marks a significant milestone allowing us to cross apply this state based primary care program to other Spanish regions."
By Christopher Ward, Alliance News reporter
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