MINNEAPOLIS, Nov. 2, 2010 /PRNewswire/ -- Uroplasty Inc.
(Nasdaq: UPI), announced today that the Centers for Medicare and
Medicaid Services (CMS) has published, in the November, 2010
Federal Register, the anticipated Category I CPT code for Posterior
Tibial Nerve Stimulation (PTNS). Uroplasty's Urgent® PC
Neuromodulation System is used to provide PTNS and effective
January 1, 2011, this procedure will
now be billed under the new CPT code 64566, with the descriptor
"Posterior tibial neurostimulation, percutaneous needle electrode,
single treatment, includes programming."
The publication also indicated that the "relative value units"
(RVUs) assigned to the new CPT code for PTNS will be 3.82. The
Conversion Factor (CF) per RVU that CMS is using from June 1 to December 31, 2010 is $36.87. As most observers are aware, the CF is in
flux. Based upon the newly published CF of $25.52 per RVU, which is also in this edition of
the Federal Register, the base Medicare physician payment for PTNS
will be approximately $97.49 per
procedure. The CF may vary throughout 2011 as a result of
Congressional action or CMS rule changes. Furthermore, the Company
anticipates private-pay insurance companies, as is typically the
case, to reimburse a higher amount.
"The formal publication of the CPT code, including the
associated RVUs, constitutes an important milestone in our effort
to ensure that PTNS using our Urgent PC System is properly
reimbursed," said David Kaysen,
President and CEO of Uroplasty. "And now that we know the
base Medicare physician payment, we will continue working to secure
broad coverage for PTNS from all Medicare carriers and private
payers across the country. As we have previously announced and
discussed, we are working diligently with medical directors of
insurance companies to educate them on our strong clinical data,
and we will now be able to present to them the specifics of the new
CPT code and the associated RVUs."
"This new reimbursement level for PTNS is within the range we
had anticipated. We continue to believe we can successfully roll
out our relaunch strategy at this reimbursement rate," continued
Mr. Kaysen. "We also believe that our customers will continue
to position the Urgent PC System as an attractive treatment for
overactive bladder that is minimally invasive, with few side
effects for the patient and supported by solid clinical evidence
for efficacy."
"We are excited to enter the execution phase of the relaunch of
our Urgent PC Neuromodulation System," added Mr. Kaysen. "In
anticipation of increased interest in our Urgent PC System
resulting from the new CPT code, we have expanded our U.S. field
sales organization to 30 employed representatives, doubling the
number of our sales representatives since the beginning of the
current fiscal year. They will soon be trained and prepared to
aggressively relaunch Urgent PC in the coming months. "
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 system, which we believe is the only FDA-approved
minimally invasive nerve stimulation device designed for
office-based treatment of urinary urgency, urinary frequency and
urge incontinence – symptoms often associated with overactive
bladder. 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.
Forward-Looking Information
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, further regulatory changes could impact the
reimbursement received for use of our products, we may not be able
to convince all or most of the agencies that administer government
programs, or private payers, to reimburse based on the new code, we
cannot be certain that our expenditures to expand our sales force
will be justified by increased sales, we cannot be certain that
changes in expenses we incur will not negatively impact the point
when we begin generating operating profit and we cannot be certain
that larger competitors will not introduce products or
pharmaceuticals that target the portion of the market for which
Urgent PC is designed.
CPT is a registered trademark of the American Medical
Association
For Further
Information:
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Uroplasty Inc.
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EVC Group
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David Kaysen, President and CEO,
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Doug Sherk
(Investors)
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Medi Jiwani, Vice President,
CFO, and Treasurer
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415.896.6820
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952.426.6140
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Chris Gale (Media)
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646.201.5431
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SOURCE Uroplasty Inc.