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UnitedHealthcare to Reimburse for NanoString's Prosigna Breast Cancer Test

NEW YORK (GenomeWeb) – NanoString Technologies said today that it has been told by Laboratory Corporation of America that UnitedHealthcare will reimburse for testing services from LabCorp based on NanoString's Prosigna Breast Cancer Gene Signature Assay.

In a US Securities and Exchange Commission document, NanoString added that UnitedHealthcare is the first major commercial healthcare insurer to confirm coverage for Prosigna testing services. The insurer, which says on its website that it provides services and products to 70 million Americans, will not require preauthorization for the test for any breast cancer patient who meets the Prosigna clinical criteria as defined by the test's package insert.

Earlier in the week, NanoString announced that its second quarter revenues rose 51 percent year over year. Despite the spike, Leerink Partners analyst Dan Leonard lowered his price target on the company's shares to $21 from $23 and cited concerns about NanoString's ability to secure reimbursement from payors, especially from Medicare.

NanoString's shares fell 10 percent yesterday after the firm released its financial results and held its quarterly conference call. But its stock partially rebounded in Thursday morning trade on the Nasdaq, up 4 percent to $11.45.

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