STRATA Skin Sciences Announces Initiative to Expand Treatment Coverage
March 07 2024 - 8:00AM
STRATA Skin Sciences, Inc. (“STRATA” or the “Company”)
(NASDAQ: SSKN), a medical technology company dedicated to
developing, commercializing and marketing innovative products for
the treatment of dermatologic conditions, today announced an
initiative aimed at expanding insurance coverage for essential
treatments for conditions such as mycosis fungoides, lichen planus,
alopecia areata, and cutaneous T-Cell lymphoma (CTCL), with an
initial targeted focus on expanding coverage for vitiligo and
atopic dermatitis, skin diseases effecting up to 3 and 16 million
people in the United States respectively1. The Company is
leveraging its extensive patient database and engaging in targeted
governmental relations efforts, this initiative focuses on
broadening Current Procedural Terminology (“CPT”) code coverage to
increase patient access to advanced treatments and enable higher
provider reimbursement rates.
“Our focus extends beyond merely seeking
expanded insurance coverage; we're advocating for the enhancement
of patient quality of life and ensuring access to essential
dermatologic treatments," stated Dr. Dolev Rafaeli, Vice Chairman
and Chief Executive Officer of STRATA. "By encouraging our patients
to voice their needs and by proactively collaborating with
policymakers, we're dedicated to guaranteeing that each person can
access the medically necessary care they require.” Dr. Rafaeli
continued, “We are encouraged by our initial outreach effort to a
segment of our patient database and are using those results to
engage with our elected officials to help these individuals and
others similarly situated.”
Building on the momentum of the healthcare
industry's notable achievements in re-evaluating CPT codes, the
Company is focused on expanding the coverage of phototherapy
treatments under codes 96920, 96921, and 96922 which are uniquely
dedicated to, and are reflective in value of excimer laser
procedures for small, medium and larger affected skin area. Through
a comprehensive direct-to-consumer outreach initiative, the Company
intends to expand on its initial outreach efforts by leveraging its
vast network of over 270,000 patients to broaden patient access to
medically necessary treatments and equitable reimbursement rates
that accurately reflect the proven value and effectiveness of
phototherapy treatments.
Over the past two months, as part of this
advocacy initiative STRATA has sent over 1,000 legislative support
letters to congressional and senate delegates on behalf of its
patients. Emphasizing the importance of this initiative and the
critical role of phototherapy, Dr. Elisabeth G. Richard, Treasurer
and Board of Directors of the Photodermatology Society and
Assistant Professor of Dermatology at Johns Hopkins University
School of Medicine, stated, "Vitiligo affects more than 1 in every
100 people. Phototherapy has been the cornerstone of therapy for
decades and remains an indispensable part of current therapy.
Reductions in insurance coverage for all modes of phototherapy
instantly restrict access to this irreplaceable therapy for
patients suffering from this chronic autoimmune condition.”
The STRATA team is committed to this cause and
is actively engaging with multiple prominent patient advocacy
societies and the broader dermatology community, to enhance patient
access to XTRAC treatments.
About STRATA Skin Sciences,
Inc.STRATA Skin Sciences is a medical technology
company dedicated to developing, commercializing and marketing
innovative products for the in-office treatment of various
dermatologic conditions such as psoriasis, vitiligo, and acne. Its
products include the XTRAC® excimer laser, VTRAC® lamp
systems, and the TheraClear®X Acne Therapy System.
STRATA is proud to offer these exciting
technologies in the U.S. through its unique Partnership
Program. STRATA’s popular partnership approach includes a fee per
treatment cost structure versus an equipment purchase, installation
and use of the device, on-site training for practice personnel,
service and maintenance of the equipment, dedicated account and
customer service associates, and co-op advertising support to help
raise awareness and promote the program within the practice.
Safe HarborThis press release
includes "forward-looking statements" within the meaning of the
Securities Litigation Reform Act of 1995. These statements include
but are not limited to the Company’s plans, objectives,
expectations and intentions and may contain words such as “will,”
“may,” “seeks,” and “expects,” that suggest future events or
trends. These statements, the Company’s ability to launch and sell
an acne treatment device and to integrate that device into its
product offerings, the Company’s ability to develop, launch and
sell products recently acquired or to be developed in the future,
the Company’s ability to expand insurance coverage, develop social
media marketing campaigns, direct to dermatologist marketing
campaigns, and the Company’s ability to build a leading franchise
in dermatology and aesthetics, are based on the Company’s current
expectations and are inherently subject to significant
uncertainties and changes in circumstances. Actual results may
differ materially from the Company’s expectations due to financial,
economic, business, competitive, market, regulatory, adverse market
conditions or supply chain interruptions resulting from the
coronavirus and political factors or conditions affecting the
Company and the medical device industry in general, future
responses to and effects of COVID-19 pandemic and its variants
including the distribution and effectiveness of the COVID-19
vaccines, as well as more specific risks and uncertainties set
forth in the Company’s SEC reports on Forms 10-Q and 10-K. Given
such uncertainties, any or all these forward-looking statements may
prove to be incorrect or unreliable. The statements in this press
release are made as of the date of this press release, even if
subsequently made available by the Company on its website or
otherwise. The Company does not undertake any obligation to update
or revise these statements to reflect events or circumstances
occurring after the date of this press release. The Company urges
investors to carefully review its SEC disclosures available at
www.sec.gov and www.strataskinsciences.com.
Investor Contact:Rich CockrellCG CapitalPhone:
+1 (404) 736-3838sskn@cg.capital
1 JAMA Dermatol. 2022 Jan 1;158(1):43-50. doi:
10.1001/jamadermatol.2021.4724.
Strata Skin Sciences (NASDAQ:SSKN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Strata Skin Sciences (NASDAQ:SSKN)
Historical Stock Chart
From Apr 2023 to Apr 2024