EATONTOWN, N.J., Nov. 17 /PRNewswire-FirstCall/ -- QMed, Inc. today announced that, although it has been in continued negotiations to renew its disease management contract with Alere Medical ("Alere"), the Company and Alere were unable to reach an agreement and the contract will expire on December 31, 2005. The existing HeartPartners Medicare Demonstration project with Alere and PacifiCare is not impacted by this decision.
Michael W. Cox, QMed president and CEO said, "We are obviously disappointed in not reaching an agreement to renew this contract, which has annual revenues of approximately $7.0 million. We will, however, continue to focus our efforts on the strategic development of our QMedCare Medicare Advantage Special Needs Plan in South Dakota. Enrollment in South Dakota began on schedule on Tuesday, November 15th. Importantly, QMedCare is simultaneously in the process of developing business in other markets. We are also focused on our Health e Monitoring subsidiary and in developing new disease management contracts with Health plans."
About QMed, Inc.
QMed provides evidence-based clinical information management systems around the country to its health plan customers. The system incorporates Disease Management services to patients and decision support to physicians. The Company's QMedCare subsidiary specializes in serving high-risk populations of Medicare beneficiaries. Health e Monitoring is QMed's subsidiary offering weight, obesity and health promotion programs. The Company has been selected and operates in two Medicare Demonstrations to test the feasibility of reimbursing its care coordinated DM services in the vast Medicare fee-for-service program. More information on QMed, Inc. can be obtained at www.qmedinc.com, by calling (732) 544-5544 or by emailing email@example.com.
Except for historical information contained herein, matters discussed in this news release are forward-looking statements that involve risks and uncertainties. They include but are not limited to those relating to the timely implementation of programs, the impact of competitive product introductions, acceptance and pricing, and those risks detailed in the Company's filings with the Securities and Exchange Commission (SEC). Actual results may differ materially from any forward-looking statements due to these risks and uncertainties.
CONTACT: Robert Mosby of QMed, Inc. +1-732-544-5544, ext. 1107