QualityStocks would like to highlight BG Medicine (NASDAQ: BGMD), a life sciences company focused on the discovery, development, and commercialization of novel diagnostic tests based on biomarkers for high-value market opportunities in healthcare. The company's lead product, the BGM Galectin-3 test for heart failure, received FDA clearance in November 2010, and galectin-3 testing services are currently being offered for use by clinicians in the U.S. through Laboratory Corporation of America (LabCorp) and Health Diagnostic Laboratory, Inc. (HDL). This manual version of the test obtained CE Mark in the European Union in October 2009.
In the company’s news yesterday,
BG Medicine announced that it will be launching a major initiative to help hospitals reduce the number of unplanned readmissions for heart failure patients. The initiative will begin at the American Heart Association Scientific Sessions 2012 taking place November 3-7 in Los Angeles. Representatives at the BG Medicine booth (#1737) will be there to highlight the role that Galectin-3 blood testing can play in helping the medical community address the urgent need to reduce hospital readmission rates.
Currently, even with optimal care, nearly a one-fourth of all Medicare heart failure patients are readmitted to the hospital within 30 days. This makes heart failure a major factor of hospital readmission rates, far ahead of heart attack and pneumonia. Because heart failure patients with elevated galectin-3 levels are two-to-three times more likely to be readmitted within 30 days to a hospital, identifying these high risk patients through galectin-3 testing is a potentially valuable and cost-effective in combating these readmissions.
BG Medicine believes the company will benefit and be able to grow the market for its Galectin-3 Test thanks to recent government rulings. Effective October 1, 2012, new rules from the federal Centers for Medicare & Medicaid Services have made reducing unplanned hospital readmissions a critical priority. Hospitals that exceed the Medicare thresholds will be assessed financial penalties that may reach $1 billion by 2015, if improvements are not made.
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