MINNEAPOLIS, April 26, 2012 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions, today announced that Novitas Solutions (formerly Highmark Medicare Services) on April 23, 2012 informed the Centers for Medicare and Medicaid Services that it has retired the non-coverage provisions concerning Posterior Tibial Nerve Stimulation (PTNS) from their Local Coverage Determination (LCD) effective for services incurred on or after April 9, 2012.
"Physicians treating Medicare beneficiaries in states served by Novitas may start submitting claims for PTNS treatments immediately. Novitas will process claims for payment based on the provisions of the updated LCD," said David B. Kaysen, President and CEO of Uroplasty.
Novitas Solutions is the Medicare Administrative Contractor for the states of Delaware, Maryland, New Jersey, Pennsylvania and the District of Columbia and provides medical and drug benefits to approximately 4.6 million Medicare beneficiaries.
Novitas will retire all provisions of the non-coverage LCD as they pertain to PTNS, and will post an updated LCD in accordance with its procedures on or about May 15, 2012. Novitas stated that it reversed the non-coverage provisions as a result of the recent comparative effectiveness review entitled "Nonsurgical Treatments for Urinary Incontinence in Adult Women," published by the Agency for Healthcare Research and Quality (AHRQ).
"This is positive news for Uroplasty concerning our Urgent® PC Neuromodulation System, the only FDA-cleared, minimally-invasive neuromodulation system used for office-based PTNS treatments," said Mr. Kaysen. "The AHRQ report further validates the importance and respect that payers have for this comprehensive comparative effectiveness review of urinary incontinence treatments."
"We will continue to introduce Urgent PC to physicians in Novitas states focusing on its efficacy and cost effectiveness for the treatment of overactive bladder (OAB) and the associated symptoms of urgency, frequency and urge incontinence," Mr. Kaysen concluded.
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 neuromodulation system that delivers posterior tibial nerve stimulation (PTNS) 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 we will ever achieve sustained profitability, 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 existing carriers and payers will not change their coverage decisions, that the rate of adoption of our productions by new customers will continue, 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, and Treasurer,
Doug Sherk (Investors)
Chris Gale (Media)
SOURCE Uroplasty, Inc.