Osiris Therapeutics, Inc. Provides Update On Coverage For Grafix
Grafix gets confirmed Medicare coverage from Cahaba effective January 1 and signs contract with major GPO
COLUMBIA, Md.--(BUSINESS WIRE)--Osiris Therapeutics, Inc. (NASDAQ:OSIR), a leading cellular and regenerative medicine company focused on developing and marketing products to treat conditions in wound care, orthopaedics and sports medicine, announced today that the Medicare contractor, Cahaba Government Benefit Administrators, LLC., has confirmed that Grafix, a cryopreserved placental membrane, has been approved for coverage for patients with chronic wounds.
“We are also excited about the major GPO contract award. Osiris looks forward to growing the National Account contracts for Grafix which will ultimately translate to broader access for patients.”
Coverage for Grafix from Cahaba became effective January 1, 2016. This Medicare Administrative Contractor covers the states of Alabama, Georgia and Tennessee, or approximately 3.8 million lives. In total, Grafix is now available to 90% of Medicare beneficiaries.
In addition, Grafix has been awarded a contract with a major Group Purchasing Organization (GPO) that has over 1600 members nationwide. Group Purchasing Organizations and Integrated Delivery Networks (IDN) supply valuable financial and efficiency-related services to healthcare providers, including major hospital networks in the U.S.
"Complete Medicare reimbursement continues to be an immediate focus for Osiris and coverage confirmation for Grafix by Cahaba marks a significant increase in Medicare covered lives. In total, Grafix is now covered for 135 million Medicare, Medicaid and commercial beneficiaries; the Osiris Market Access team continues to work towards expanding coverage for Grafix,” said Frank Czworka, Vice President and GM Wound Care. “We are also excited about the major GPO contract award. Osiris looks forward to growing the National Account contracts for Grafix which will ultimately translate to broader access for patients.”
About Osiris Therapeutics
Osiris Therapeutics, Inc., based in Columbia, Maryland, is a leader in researching, developing and marketing cellular regenerative medicine products that improve the health and lives of patients and lower overall healthcare costs. Having developed the world’s first approved stem cell drug, Osiris works to further advance the medical field. Osiris’ research and development in biotechnology focuses on innovation in regenerative medicine – including bioengineering, stem cell research and viable tissue based products. Osiris has achieved commercial success with products in orthopaedics, sports medicine and wound care, including BIO4 ®, a viable bone matrix, Cartiform®, a viable osteochondral allograft, Grafix, a cryopreserved placental membrane, TruSkin™, a viable human skin allograft and Stravix™, a durable placental allograft.
Osiris, Grafix and Cartiform are registered trademarks of Osiris Therapeutics, Inc.; TruSkin and Stravix are trademarks of Osiris Therapeutics, Inc. BIO4 is a registered trademark of Stryker Corporation (NYSE: SYK). More information can be found on the company's website, www.Osiris.com. (OSIR-G)
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