MINNEAPOLIS, Nov. 27, 2012 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today announced significant new coverage decisions by private payers and Medicare.
Effective October 2012, Health Net®, one of the largest private insurance payers in California, began covering posterior tibial nerve stimulation (PTNS) for the treatment of overactive bladder (OAB) and associated symptoms of urgency, frequency and urge incontinence. Health Net plans cover approximately 2.5 million beneficiaries, primarily in California, as well as in Arizona and Oregon.
Also as of October, Medica®, a Minnesota-based private payer added PTNS coverage for approximately 1.7 million beneficiaries in Minnesota, North Dakota, South Dakota and Wisconsin. Further, Health First of Florida acknowledged coverage of PTNS for approximately 120,000 regional beneficiaries.
Additionally, three Medicare administrators, Noridian® Administrative Services LLC and Palmetto GBA® J1 and J11, have expanded PTNS coverage from 1 to 2 years based upon recently published data demonstrating sustained therapeutic effects from continued PTNS treatments. Noridian® Administrative Services LLC is the Medicare administrator for Arizona, Alaska, Idaho, Montana, North Dakota, South Dakota, Utah, Washington and Wyoming. Palmetto GBA® J1 is the Medicare administrator for California, Nevada and Hawaii and Palmetto GBA® J11 is the Medicare administrator for North Carolina, South Carolina, Virginia and West Virginia. This extension will ensure that Medicare beneficiaries with OAB who are currently being treated successfully with PTNS will be able to continue to receive this effective therapy.
Three-year PTNS data, presented in October 2012 at the Western Section of the American Urological Association in Waikoloa, HI, also demonstrated sustained therapeutic effects from continued PTNS treatments, and is expected to be available for publication in the near future.
"This expanded coverage demonstrates that more payers understand the role of PTNS in treating OAB. The additional coverage provides physicians and over 4.3 million newly covered patients another treatment option for OAB. As payers and providers recognize that PTNS is a viable OAB treatment option, the paradigm of care for this often debilitating condition is changing dramatically," said David Kaysen, President and CEO of Uroplasty, Inc.
"We believe strong clinical data and inclusion in the American Urological Association/Society for Urodynamics, Female Pelvic Medicine and Urogenital Reconstruction's recently published national OAB treatment guidelines led to the expanded coverage," continued Mr. Kaysen. "We are very pleased to see a growing number of payers develop coverage policies for this minimally invasive, safe and effective OAB treatment option. We continue to work with other payers across the country to include Urgent PC in their coverage policies to meet the goal of creating national access to PTNS treatments for OAB patients."
About Uroplasty, Inc.
Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in the Netherlands and the United Kingdom is a global medical company committed to offering transformative treatment options to specialty physicians. Our products are designed to help providers change the lives of their voiding dysfunction patients and strengthen the efficiency of their practices. Our focus is the continued commercialization of our Urgent® PC Neuromodulation System, the only FDA-cleared system that delivers percutaneous 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®, 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
Doug Sherk/Jenifer Kirtland (Investors), 415.896.6820
Medi Jiwani, Vice President, CFO, Treasurer
Chris Gale (Media), 646.201.5431
SOURCE Uroplasty, Inc.