Sequenom (SQNM) Says Coventry Health Terminated Network Participation Agreement
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Sequenom Inc., (Nasdaq: SQNM) through its wholly owned subsidiary Sequenom Center for Molecular Medicine, LLC, (Sequenom CMM) entered into the recently announced provider network participation agreement with Coventry Health Care National Network, Inc. on May 4, 2012. The agreement included an effective date of July 1, 2012 for Sequenom CMM's participation in provider networks offered and sold by Coventry.
On May 14, 2012, Sequenom CMM received a written notice from Coventry Health Care, Inc. on behalf of itself and its affiliates, including Coventry Health Care National Network, Inc., terminating the agreement without cause as provided for in the agreement, effective August 31, 2012. Coventry advised Sequenom CMM that this decision was not a judgment on Sequenom, Inc., Sequenom CMM or its products.
The agreement was intended to provide members in the network with coverage for Sequenom CMM's MaterniT21 PLUS laboratory-developed test (LDT) and other LDTs. These LDTs are available solely through Sequenom CMM as a testing service to physicians.
On May 14, 2012, Sequenom CMM received a written notice from Coventry Health Care, Inc. on behalf of itself and its affiliates, including Coventry Health Care National Network, Inc., terminating the agreement without cause as provided for in the agreement, effective August 31, 2012. Coventry advised Sequenom CMM that this decision was not a judgment on Sequenom, Inc., Sequenom CMM or its products.
The agreement was intended to provide members in the network with coverage for Sequenom CMM's MaterniT21 PLUS laboratory-developed test (LDT) and other LDTs. These LDTs are available solely through Sequenom CMM as a testing service to physicians.
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