Exagen Inc. achieves its 1,000,000th AVISE CTD test, enhancing autoimmune disease diagnosis and patient care.
Quiver AI Summary
Exagen Inc. has reached a major milestone by completing its 1,000,000th AVISE CTD test, a diagnostic tool for autoimmune and connective tissue diseases. This achievement highlights the company’s commitment to improving the accuracy of diagnosing such conditions, which has often been hindered by traditional testing methods that lack precision. The AVISE CTD test, launched in 2012, provides unique biomarkers that help clinicians make faster and more confident diagnoses, addressing the rising incidence of autoimmune diseases. John Aballi, Exagen's President and CEO, emphasized the significance of this milestone in enhancing patient care while the company continues to support the rheumatologic community through innovation and research in autoimmune diagnostics.
Potential Positives
- Exagen has completed its 1,000,000th AVISE CTD test, signifying strong market adoption and validation of its diagnostic capabilities in autoimmune disease management.
- The milestone highlights Exagen's commitment to improving patient care and supporting clinicians in accurately diagnosing connective tissue diseases.
- AVISE CTD uniquely provides critical and faster diagnostic information, addressing the inaccuracies of traditional methods and potentially reducing the need for repeat testing.
- Exagen's extensive peer-reviewed literature backing the test’s clinical validity underlines its utility and importance in the medical community.
Potential Negatives
- Potential challenges in achieving market acceptance for AVISE CTD among rheumatologists and other stakeholders, which could hinder future growth.
- Risks associated with delays in reimbursement and coverage decisions from Medicare and third-party payors, impacting revenue flow.
- Forward-looking statements highlight uncertainties regarding the company's future financial performance and ability to execute its business strategies effectively.
FAQ
What is the AVISE CTD test?
The AVISE CTD test is a diagnostic tool for clinicians to accurately diagnose autoimmune and connective tissue diseases.
How many AVISE CTD tests has Exagen completed?
Exagen has completed its 1,000,000th AVISE CTD test, marking a significant milestone for the company.
What autoimmune conditions does AVISE CTD help diagnose?
AVISE CTD aids in diagnosing complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren’s disease.
When was the AVISE CTD test launched?
The AVISE CTD test was launched in 2012, and has since supported a significant body of peer-reviewed literature.
What is Exagen's mission?
Exagen's mission is to provide clarity in autoimmune disease decision-making and improve clinical outcomes for patients.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$XGN Insider Trading Activity
$XGN insiders have traded $XGN stock on the open market 3 times in the past 6 months. Of those trades, 2 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $XGN stock by insiders over the last 6 months:
- CO-INVESTMENT FUND, L.P. NMSIC sold 200,000 shares.
- JEFFREY G. BLACK (Chief Financial Officer) purchased 22,298 shares.
- JOHN ABALLI (President and CEO) purchased 24,305 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$XGN Hedge Fund Activity
We have seen 12 institutional investors add shares of $XGN stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SILVERCREST ASSET MANAGEMENT GROUP LLC removed 548,866 shares (-50.4%) from their portfolio in Q3 2024
- WASATCH ADVISORS LP removed 272,054 shares (-35.7%) from their portfolio in Q3 2024
- STONEPINE CAPITAL MANAGEMENT, LLC added 175,701 shares (+49.0%) to their portfolio in Q3 2024
- KENNEDY CAPITAL MANAGEMENT LLC added 93,040 shares (+121.6%) to their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC added 81,366 shares (+86.3%) to their portfolio in Q3 2024
- CREATIVE PLANNING added 35,500 shares (+inf%) to their portfolio in Q3 2024
- PERKINS CAPITAL MANAGEMENT INC removed 34,450 shares (-7.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
CARLSBAD, Calif., Dec. 12, 2024 (GLOBE NEWSWIRE) --
Exagen Inc.
, a leading provider of autoimmune testing, today announced the completion of its 1,000,000
th
AVISE CTD test, marking a significant milestone that underscores the company’s dedication to supporting patients and clinicians managing connective tissue diseases (CTD) and other autoimmune conditions.
AVISE CTD provides clinicians with critical information to accurately diagnose autoimmune and connective tissue diseases. Traditional screening methods often lack accuracy, resulting in repeat testing and delayed diagnosis. With significant increases in autoimmune incidence in recent years, AVISE CTD provides unique biomarkers that empower clinicians to confidently and quickly diagnose various CTDs.
“Aiding in the care of our 1,000,000
th
patient is a huge milestone for our organization and demonstrates the value and utility that AVISE CTD provides in the care of patients with suspected autoimmune disease. We are very proud of reaching this level of adoption and look forward to continuing to support the rheumatologic community with future innovations,” said John Aballi, President and CEO of Exagen.
Since launching AVISE CTD in 2012, Exagen has produced an extensive body of
peer-reviewed literature
supporting the test’s clinical validity and utility. These publications and the 1,000,000
th
completed test demonstrate the importance of AVISE CTD in patient care.
Learn more about
AVISE CTD
and its unique ability to provide diagnostic clarity.
About Exagen Inc.
Exagen Inc. (Nasdaq: XGN) is a leading provider of autoimmune diagnostics, committed to transforming care for patients with chronic and debilitating autoimmune conditions. Based in San Diego County, Calif., Exagen’s mission is to provide clarity in autoimmune disease decision making and improve clinical outcomes through its innovative testing portfolio. The company’s flagship product, AVISE
®
CTD, enables clinicians to more effectively diagnose complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren’s disease earlier and with greater accuracy. Exagen’s laboratory specializes in the testing of rheumatic diseases, delivering precise and timely results, supported by a full suite of AVISE-branded tests for disease diagnosis, prognosis, and monitoring. With a focus on research, innovation, education, and patient-centered care, Exagen is dedicated to addressing the ongoing challenges of autoimmune disease management. For more information, visit
Exagen.com
or follow @ExagenInc on
X
.
Forward-Looking Statements
Exagen cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Exagen's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Exagen that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Exagen’s business, including, without limitation Exagen’s goals, strategies and ambitions; potential future financial and business performance; the potential for Exagen’s research to lead to positive impacts to patients; the potential for Exagen’s research to lead to new or improved testing products; the potential utility and effectiveness of Exagen’s services and testing solutions; the potential value of updates being made to AVISE
®
CTD; potential shareholder value and growth and 2024 guidance. The inclusion of forward-looking statements should not be regarded as a representation by Exagen that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Exagen’s business, including, without limitation: delays in reimbursement and coverage decisions from Medicare and third-party payors and in interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; changes in laws and regulations related to Exagen’s regulatory requirements; Exagen’s commercial success depends upon attaining and maintaining significant market acceptance of its testing products among rheumatologists, patients, third-party payors and others in the medical community; Exagen’s ability to successfully execute on its business strategies; third-party payors not providing coverage and adequate reimbursement for Exagen’s testing products, including Exagen’s ability to collect on funds due; Exagen’s ability to obtain and maintain intellectual property protection for its testing products; regulatory developments affecting Exagen’s business; and other risks described in Exagen’s prior press releases and Exagen’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in Exagen’s Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Exagen undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors:
Ryan Douglas
Exagen Inc.
ir@exagen.com
760.560.1525
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
