ELMSFORD, N.Y., Nov. 18, 2019 /PRNewswire/
-- NanoVibronix, Inc., (NASDAQ: NAOV), a
medical device company that produces the PainShield® Surface
Acoustic Wave (SAW) Portable Ultra Sonic therapeutic device, today
announced that the Centers for Medicare and Medicaid (CMS) has
assigned a unique, Level II product reimbursement code under the
Healthcare Common Procedure Coding System (HCPCS) for use in 2020.
HCPCS code K1004 will help facilitate reimbursement for the use of
PainShield.
Brian Murphy, Chief Executive
Office of NanoVibronix, stated, "Establishment of a unique
reimbursement code from CMS further validates the value of our
PainShield device and is an important milestone in our
reimbursement strategy to increase access to the product. The
technology specific code allows us to differentiate Painshield from
other products for pain management, regardless of scientific
studies, proven efficacy or patient outcomes, and it substantially
increases our ability to obtain payment with worker's compensation
and private insurance providers for its use."
"We continue to believe PainShield can play a critical role in
opioid-free pain management given its unique features and the
additional benefits it provides as patients and providers continue
to search for effective alternatives to pharmaceuticals for pain
management," continued Murphy.
About NanoVibronix
NanoVibronix Inc. (NASDAQ: NAOV) is a medical device company
headquartered in Elmsford, New
York, with research and development in Nesher, Israel, which is focused on developing medical
devices utilizing its proprietary and patented low intensity
surface acoustic wave (SAW) technology. This technology allows for
the creation of low-frequency ultrasound waves that can be utilized
for a variety of medical applications, including the disruption of
biofilms and bacteria colonization, as well as providing pain
relief. The devices can be administered at home without the
assistance of medical professionals. The Company's primary products
include PainShield®, UroShield™ and WoundShield™. Additional
information about the Company is available at:
www.nanovibronix.com.
Forward-looking Statements
This press release contains "forward-looking statements."
Such statements may be preceded by the words "intends," "may,"
"will," "plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential" or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company's control, and cannot be predicted or
quantified and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, risks and
uncertainties associated with (i) market acceptance of our existing
and new products or lengthy product delays in key markets; (ii)
negative or unreliable clinical trial results (iii) an inability to
secure regulatory approvals for the sale of our products, (iv)
intense competition in the medical device industry from much
larger, multinational companies, (v) product liability claims, (vi)
product malfunctions, (vii) our limited manufacturing capabilities
and reliance on subcontractors for assistance, (viii) insufficient
or inadequate reimbursement by governmental and other third party
payers for our products, (ix) our efforts to successfully obtain
and maintain intellectual property protection covering our
products, which may not be successful, (x) legislative or
regulatory reform of the healthcare system in both the U.S. and
foreign jurisdictions, (xi) our reliance on single suppliers for
certain product components, (xii) the fact that we will need to
raise additional capital to meet our business requirements in the
future and that such capital may not be available, or may be
costly, dilutive or difficult to obtain and (xiii) the fact that we
conduct business in multiple foreign jurisdictions, exposing us to
foreign currency exchange rate fluctuations, logistical and
communications challenges, burdens and costs of compliance with
foreign laws and political and economic instability in each
jurisdiction. More detailed information about the Company and the
risk factors that may affect the realization of forward looking
statements is set forth in the Company's filings with the
Securities and Exchange Commission (SEC), including the Company's
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
Investors and security holders are urged to read these documents
free of charge on the SEC's web site at http://www.sec.gov. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
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SOURCE NanoVibronix, Inc.