Important Milestone Toward Enabling Increased Access and Insight for Patients With Advanced Breast Cancer Through Theralink’s Precision Oncology Test
Golden, Colorado — November 14, 2022 — Theralink Technologies (OTC: THER) (“Theralink” or the “Company”), a precision oncology company with a novel phosphoprotein-based assay for advanced breast cancer, today announced that the Company has received the final price determination for Medicare reimbursement, has completed the Medicare enrollment process and received its Provider Transaction Access Number (PTAN).
“Medicare enrollment for the Theralink Assay for Advanced Breast Cancer is an important milestone toward enabling broader access to our novel phosphoprotein assay for patients with advanced breast cancer,” said Mick Ruxin, M.D., CEO of Theralink Technologies. “Theralink’s Medicare PTAN enrollment and the finalization of our reimbursement rate is a major step in the Company’s business growth trajectory. We look forward to the next step in the reimbursement process as it relates to coverage of our test by both Medicare and private payors.”
It is estimated that approximately 269,000 women are living with and/or are newly diagnosed with advanced breast cancer in the United States. The Theralink Assay for all patients facing a journey of advanced breast cancer provides a new approach to testing that goes beyond genomic testing and analyzes each individual patient’s biology for expressed proteins and phosphoproteins. This allows additional insight that can be provided to the medical oncologist and the patient’s care team for potentially improved therapy selection.
Early results of a recent study showed over 90% Actionability and a greater than 75% Clinical Utility for Theralink’s Lab Developed Test (LDT) for advanced breast cancer patients. Actionability is defined as providing physicians with test results that are actionable for patient treatment selection and Clinical Utility is defined as the percentage of times that the physician acts upon those test results to select the next course of treatment for the patient.
The Theralink Assay for Advanced Breast Cancer has been available to patients for the past 18 months with several oncologists and cancer programs making it part of their routine clinical practice. Theralink will continue to focus on its commercial deployment in academic/research facilities, large network health systems, and private practices in 2023. In addition, the Company plans to expand its testing indications into other solid tumor cancers in the near future.
About Theralink Technologies, Inc.
Theralink Technologies is a proteomics-based, precision medicine company with a CLIA-certified and CAP- accredited 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. In addition to the Company’s first assay for advanced breast cancer, Theralink is actively working on a second assay that is planned to be pan-tumor for solid tumors across multiple tumor types such as ovarian, endometrial, pancreatic, liver, head and neck, colorectal, lung, prostate, among others. Theralink provides precision oncology data through its powerful Theralink® Reverse Phase Protein Array assays to 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.
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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.