Friday, May 18, 2012

Coventry ends deal to cover Sequenom's Down Syndrome test

from Reuters:

Genetic analysis products maker Sequenom Inc said insurer Coventry Health Care Inc terminated an agreement to provide coverage for its prenatal test to detect certain chromosomal abnormalities including Down Syndrome.

Coventry had agreed to provide coverage to its 2.2 million members for Sequenom's MaterniT21 PLUS testing service, which needs only the mother's blood to detect chromosomal abnormality, from July 1.
Sequenom said on Thursday that Coventry terminated the agreement without citing any cause, effective August 31.

Sequenom shares fell 12 percent to $4.22 in after-market trade. They closed at $4.77 on Thursday on the Nasdaq.

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