SYLMAR, Calif.--(BUSINESS WIRE)--Second Sight Medical Products, Inc. (NASDAQ:EYES) ("Second Sight"), a
developer, manufacturer and marketer of implantable visual prosthetics
that provide a form of useful vision to blind patients, today announced
that the Centers for Medicare & Medicaid Services (CMS) finalized its
Medicare hospital outpatient payment rate of $150,000.50 for calendar
year 2017. The payment for the surgical procedure includes the cost of
the Argus® II Retinal Prosthesis System ("Argus II").
In addition, the Company announced that the American Medical Association
(AMA) Current Procedural Terminology (CPT®) Editorial Panel
approved two new Category III CPT codes for initial programming and
subsequent reprogramming of the Argus II.
These CPT codes will be used by clinicians to report and bill for custom
programming and reprogramming the Argus II to meet the unique needs of
each patient. With the addition of these two new CPT codes for
post-operative programming and reprogramming services, clinicians will
be able to report and bill all services relating to implantation and
programming the Argus II. The new CPT codes will be published on January
1, 2017 and can be reported by clinicians beginning on July 1, 2017.
Previously, the Company obtained a Category III CPT code for the
"We are very pleased that we have had the support of the American
Academy of Ophthalmology in achieving these important milestones in our
reimbursement strategy. With the AMA CPT Editorial Panel’s approval of
the two new CPT codes, the billing process is simplified. Our clinicians
will be able to simply report one of these new codes to bill for custom
programming and reprogramming the Argus II after implantation. In
addition, with CMS’ announcement of the 2017 hospital outpatient payment
rate, the hospitals will be more appropriately reimbursed for providing
this important service to blind RP patients," said Will McGuire,
President and CEO of Second Sight.
About the Argus® II Retinal Prosthesis System
Second Sight's Argus II System provides electrical stimulation that
bypasses the defunct retinal cells and stimulates remaining viable cells
inducing visual perception in individuals with severe to profound
retinitis pigmentosa (RP). The Argus II works by converting images
captured by a miniature video camera mounted on the patient's glasses
into a series of small electrical pulses, which are transmitted
wirelessly to an array of electrodes implanted on the surface of the
retina. These pulses are intended to stimulate the retina's remaining
cells, resulting in the perception of patterns of light in the brain.
The patient then learns to interpret these visual patterns, thereby
regaining some useful vision. The system is controlled by software and
is upgradeable, which may provide improved performance as new algorithms
are developed and tested. The Argus II is the first artificial retina to
receive widespread approval, and is offered at approved centers in
Austria, Canada, France, Germany, Italy, Netherlands, Saudi Arabia,
Spain, Switzerland, Turkey, United Kingdom and the United States.
About Second Sight
Second Sight's mission is to develop, manufacture and market innovative
implantable visual prosthetics to enable blind individuals to achieve
greater independence. Second Sight has developed and now manufactures
and markets the Argus® II Retinal Prosthesis System. Enrollment has been
completed in a feasibility trial to test the safety and utility of the
Argus II in individuals with Dry Age-Related Macular Degeneration.
Second Sight is also developing the Orion™ I Visual Cortical Prosthesis
to restore some vision to individuals who are blind due to causes other
than preventable or treatable conditions. U.S. Headquarters are
in Sylmar, California, and European Headquarters are in
Lausanne, Switzerland. For more information, visit www.secondsight.com.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange and Exchange Act of 1934, as
amended, which are intended to be covered by the "safe harbor" created
by those sections. All statements in this release that are not based on
historical fact are "forward looking statements." These statements may
be identified by words such as "estimates," "anticipates," "projects,"
"plans," or "planned," "seeks," "may," "will," "expects," "intends,"
"believes," "should," "potentially," "objectives," and similar
expressions or the negative versions thereof and which also may be
identified by their context. While management has based any forward
looking statements included in this release on its current expectations,
the information on which such expectations were based may change.
Forward-looking statements involve inherent risks and uncertainties
which could cause actual results to differ materially from those in the
forward-looking statements, as a result of various factors including
those risks and uncertainties described in the Risk Factors and in
Management's Discussion and Analysis of Financial Condition and Results
of Operations sections of the Company's Annual Report on Form 10-K as
filed on March 11, 2016, as amended on August 8, 2016, and the Company's
other reports filed from time to time with the Securities and Exchange
Commission. We urge you to consider those risks and uncertainties in
evaluating the Company's forward-looking statements. We caution readers
not to place undue reliance upon any such forward-looking statements,
which speak only as of the date made. Except as otherwise required by
the federal securities laws, we disclaim any obligation or undertaking
to publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in the
Company's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.