MINNEAPOLIS, April 5, 2011 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today announced that two private insurance payers have elected to cover posterior tibial nerve stimulation (PTNS) using its Urgent PC Neuromodulation System for the treatment of overactive bladder (OAB) and associated symptoms. Effective April 1, 2011, UnitedHealthcare, a nationwide private insurer, and, effective March 17, 2011, Excellus BlueCross BlueShield (BCBS), a regional insurer in upstate New York, initiated coverage of PTNS.
UnitedHealthcare is the largest single health insurer in the United States covering approximately 33 million lives nationwide. UnitedHealthcare affiliates include AmeriChoice, Great Lakes Health Plan, Health Net of CT, Oxford Health Plans, PacifiCare, Sierra Health and Life, among many others. Excellus BCBS provides health insurance to approximately 1.6 million individuals across upstate New York.
Uroplasty also announced that CIGNA Government Services, the new Medicare carrier for Kentucky effective May 1, 2011, will cover PTNS treatments effective that date. This adds approximately 750,000 lives to the approximately 1.7 million CIGNA covers in Idaho and North Carolina. The addition of Kentucky extends PTNS coverage to approximately 30 million Medicare beneficiaries in 30 states.
"The expansion of PTNS coverage by these leading health insurance providers represents significant progress for our Company," said David Kaysen, President and CEO of Uroplasty, Inc. "We believe this expanded coverage reflects the strong clinical data that support the efficacy and safety of Urgent PC for the treatment of OAB and associated symptoms. Along with key opinion leaders from the urology field, we continue to meet with other insurers to present the benefits of Urgent PC and anticipate that adoption and coverage of PTNS will continue to grow."
About Uroplasty, Inc.
Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in The Netherlands and the United Kingdom, is a medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions. Our focus is the continued commercialization of our Urgent PC Neuromodulation System, the only FDA-cleared system that delivers posterior tibial nerve stimulation for the office-based treatment of overactive bladder and associated symptoms of urgency, frequency and urge incontinence. We also offer Macroplastique® Implants, an injectable urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. For more information on the company and its products, please visit Uroplasty, Inc. at www.uroplasty.com.
This press release contains forward-looking statements that reflect our best estimates regarding future events and financial performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our anticipated results. We discuss in detail the factors that may affect the achievement of our forward-looking statements in our Annual Report on Form 10-K filed with the SEC. In particular, we cannot be certain that the rate of reimbursement for PTNS treatments will be adequate to justify the cost of our product, that other Medicare carriers or private payers will provide coverage for this treatment, or that any of the other risks identified in our 10-K will not adversely affect our expectations as described in these forward-looking statements.
For Further Information:
David Kaysen, President and CEO, or
Medi Jiwani, Vice President, CFO, Treasurer
Doug Sherk/Jenifer Kirtland (Investors), 415.896.6820
Chris Gale (Media), 646.201.5431
SOURCE Uroplasty, Inc.