For more information about Progenitys products and pipeline visit www.progenity.com, or follow the company on LinkedIn or Twitter. {o'? h k%|~7~UZ=?=}deSz~I*+/{fO_$|Oe*f#{'nh1gifI3`K"Id)4)el`]xxm2BPM[i 5YR&a+WF-0g nZF =qCS'h 6*1q1] tj6HXjEtEIjAA_XyB n \)Z&emDG'&TbiPfdRqc3c|@rBN3J4 '3p#+g13uQ`AzmfdY/5cIeR)vx Admits to Fraudulently Using Wrong Billing Code, Paying Draw Fees to Physicians, and Providing Meals and Happy Hours to Physicians and Their Staff, Jim Margolin, Nicholas Biase Our Office will continue to hold healthcare providers accountable when they engage in fraud and other illegal conduct., HHS-OIG Special Agent in Charge Scott J. Lampert said: Kickbacks and fraudulent billing schemes undermine the integrity of our healthcare system, compromise patient care, and increase the financial burden on taxpayers. 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The company is in the midst of changing its focus and tightening its expenditures. Will the U.S. Supreme Court Make Marijuana Legal? Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. The lawsuit further alleges that PROGENITY provided illegal kickbacks in the form of excessive draw fees to physicians, meals and happy hours for physicians and their staff, and the improper reduction or waiver of patient coinsurance and deductible payments. In the first half of 2022, the company anticipates the initiation of the first clinical study evaluating a therapeutic delivered with DDS. The company has a 52-week high of $7.86 and a low of $0.6570. The stock closed at $3.47 a share on Monday, opened at $3.96 on Tuesday, and rose to as high as $5.05 during morning trading. With those newly approved patents, Progenity now has a sizable GI-targeted therapeutics portfolio. | Source: The transformation is also expected to result in annualized cost savings of approximately $130 million in SG&A. Along with our law enforcement partners, HHS-OIG will continue to ensure that those billing federal health insurance programs do so in an honest manner., DCIS Special Agent in Charge Leigh-Alistair Barzey said: Ensuring the integrity of TRICARE, the U.S. Defense Department's healthcare system for military members and their families, is top priority for the DCIS. ^};0vWHI:r)BpSw})xjE*"!`7*@#m'FI*yzI1\]QvO)LMq51@)U, us%"Q41DIg8\>kBG;n}uR1y}Yz5>$&-+|]70q,(T#{yNic(! On August 28, 2020, a lawsuit was filed against Progenity, Inc. over alleged Securities Laws Violations. Access additional case information on PACER Use the links below to access additional information about this case on the US Court's PACER system. Breaking the Link New Developments on U.S. Get U-T Business in your inbox on Mondays. Both of these have multiple studies ongoing, having reached the preclinical stage in the third quarter of 2021. The relator notes that through a pervasive kickbacks scheme developed by Abbott management and ratified at the highest levels of the Company, Abbott is developing a loyal stable of referring and implanting physicians and hospitals. To carry out its referral scheme, Abbott allegedly targets non-implanting physicians (physicians who are not certified to implant the MitraClip device) and induces them through free lunches, cocktail parties, and dinner conferences to refer their cardiac patients to Abbotts targeted implanting physicians and hospitals for the transcatheter mitral valve repair (TMVR) procedure using the MitraClip device. NEW YORK - Natera has sued Progenity, alleging that the molecular diagnostics firm's noninvasive prenatal Innatal test infringes six of its patents. The Offices lawsuit filed in Manhattan federal court alleges that PROGENITY overbilled Medicaid and the VA by fraudulently using a billing code that misrepresented the tests provided. Do Issuers Fail To File Form Ds Because They Fear Trolls? Officers & Board of Directors 2020-2021; Standing Committee; Gallery; Links; Patient's Corner; Members Zone; Contact Us; Top Bar Menu. Closure of genetics lab and other operational improvements expected to result in approximately 70% reduction of annual capital required for operations from more than $180 million currently to targeted operating expenses of ~$50 million in 2022, Continuing to seek opportunities to generate non-dilutive capital through partnerships and strategic alternatives for non-core assets, including Avero Diagnostics, which may help fund the company, Focused on delivering on exciting 2021 and 2022 R&D pipeline with the PreecludiaTM test, gastrointestinal (GI) health, and oral biopharmaceutical program milestones Management to host webcast and conference call today at 8:30 a.m. Click Manage settings for more information and to manage your choices. California Assembly Bill Pushes for Womens Designated Restrooms on Mississippi Legislature Takes Up Pass-Through Entity Election FTC Signals Increased Scrutiny of Technology Sector Through Understanding the Corporate Transparency Act and Ensuring Compliance. Among the company's most popular products are non-invasive prenatal screening tests. June 30, 2021 and December 31, 2020, respectively (18,778 ) (18,771 ) Total stockholders' deficit (139,609 ) (106,994 ) Total liabilities and stockholders' deficit $ 119,946 $ 154,440 S e e a c c om pa nyi ng not e s t o una udi t e d c onde ns e d c ons ol i da t e d fi na nc i a l s t a t e m e nt s . 4 0 obj In addition, PROGENITY has agreed to pay $16.4 million to resolve similar fraudulent billing claims related to TRICARE and the Federal Employees Health Benefits Program through a separate civil settlement. PROGENITY has also entered into a Corporate Integrity Agreement (CIA) with HHS-OIG. Our company was founded in 2010 as Ascendant MDx, Inc., and changed its name in 2013 to Progenity, Inc. Our initial public offering was June 19, 2020. Prior to founding Rockpointe, Thomas worked as a political consultant. The Company paid the third party $10 million in the second quarter of 2021 for conducting the development work and for entering into the agreement, and if the Company elects to exercise its option, the Company has agreed to pay the third party an additional $290.0 million for the designated assets. SAN DIEGO, CA / ACCESSWIRE / July 6, 2021 / The Shareholders Foundation, Inc. announces an update in the lawsuit that is pending for certain investors in shares of Progenity, Inc. (NASDAQ: PROG). The company misrepresented the tests it performed, and tried to get doctors to order Progenity tests by paying them excessive fees and providing meals and happy hours for them and their staff. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Biora is the biotech company reimagining therapeutic delivery. Commission-free Stock Trading & Investing App | Robinhood Specifically, the plaintiff alleges that the Registration Statement failed to disclose,inter alia, the following adverse facts that existed at the time of the IPO, rendering numerous statements provided therein materially false and misleading, that Progenity had overbilled government payors by $10.3 million in 2019 and early 2020 and, thus, had materially overstated its revenues, earnings and cash flows from operations for the historical financial periods provided in the Registration Statement, that Progenity would need to refund this overpayment in the second quarter of 2020 (the same quarter in which the IPO was conducted), adversely impacting its quarterly results, and that Progenity was suffering from accelerating negative trends in the second quarter of 2020 with respect to the Companys testing volumes, revenues and product pricing. Progenity's Profile, Revenue and Employees. Continued development of GI-targeted therapeutics differentiated by its DDS platform for localized, topical delivery and proprietary liquid formulations designed to optimize local issue uptake. CPD. Investors, who purchased shares of Progenity, Inc. (NASDAQ: PROG), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.comor call +1(858) 779-1554. As the government recognized, Progenity has made significant strides in compliance policies and controls, accepting full responsibility for the historical misconduct at issue, said Harry Stylli, co-founder and chief executive of the company, in a statement. Biora Therapeutics Announces Bioavailability Results for Oral Delivery of GLP-1 Receptor Agonist Feb 23, 2023. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up here to get the latest news and updates delivered directly to your inbox. that through a pervasive kickbacks scheme developed by Abbott management and ratified at the highest levels of the Company, Abbott is developing a loyal stable of referring and implanting physicians and hospitals. To carry out its referral scheme, Abbott allegedly targets non-implanting physicians (physicians who are not certified to implant the MitraClip device) and induces them through free lunches, cocktail parties, and dinner conferences to refer their cardiac patients to Abbotts targeted implanting physicians and hospitals for the transcatheter mitral valve repair (TMVR) procedure using the MitraClip device. Abbott also targeted implanting physicians through patient referrals, sham speaker program honoraria, free patient marketing and practice building, and promises to participate in future clinical trials. Were excited to turn the page.. Therefore, the complaint alleges, Abbott knowingly caused the submission of thousands of false claims for payments to government healthcare programs. For the vast majority of the relevant period, PROGENITY did not limit or even monitor the total amount its sales representatives spent on a physician. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. Progenity has two therapeutics programs - namely oral delivery of biotherapeutics and GI-targeted therapeutics. PROGENITY knew that many patients did not meet the medical necessity criteria for NIPTs, and that it could circumvent those requirements by billing under the incorrect billing code. %PDF-1.4 Making the world smarter, happier, and richer. , Abbotts management included the kickback scheme in almost every aspect of the sales teams daily jobs, including ranking physicians based on their ability to make patient referrals and only giving bonuses to sales members for patients who were referred from a specific group of non-implanting physicians and were steered to management-chosen hospitals and were treated by a specific, targeted group of physicians.. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. 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