DMTK - DermTech gains 17% on two new coverage policies for melanoma test

• Molecular diagnostic company DermTech ( NASDAQ: DMTK ) added ~17% morning hours Monday after announcing favorable coverage policies from two commercial payers for its DermTech Melanoma Test (DMT).
• The decisions by Blues plan in Hawaii and an unnamed not-for-profit health plan in New York expand the DMT coverage to approximately 1.2M members of these plans, the company said.
• The coverage policies are similar to the Medicare coverage for the foundational assay included in DMT and follow an independent technology assessment that the nation's second-largest laboratory benefits manager conducted.
• DermTech ( DMTK ) caters to ~115M covered lives in the U.S., comprising 68M with Medicare/Medicare Advantage and 47M with commercial and governmental payers.
• Seeking Alpha contributor BioSci Capital Partners argues that the recent Tricare coverage for the non-invasive test "would boost prescription growth as it incentivizes physicians" to use DMT.

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