MINNEAPOLIS, Nov. 2, 2010 /PRNewswire/ -- Uroplasty Inc. , announced today that the Centers for Medicare and Medicaid Services (CMS) has published, in the November, 2010 Federal Register, the anticipated Category I CPT code for Posterior Tibial Nerve Stimulation (PTNS). Uroplasty's Urgent® PC Neuromodulation System is used to provide PTNS and effective January 1, 2011, this procedure will now be billed under the new CPT code 64566, with the descriptor "Posterior tibial neurostimulation, percutaneous needle electrode, single treatment, includes programming."
The publication also indicated that the "relative value units" (RVUs) assigned to the new CPT code for PTNS will be 3.82. The Conversion Factor (CF) per RVU that CMS is using from June 1 to December 31, 2010 is $36.87. As most observers are aware, the CF is in flux. Based upon the newly published CF of $25.52 per RVU, which is also in this edition of the Federal Register, the base Medicare physician payment for PTNS will be approximately $97.49 per procedure. The CF may vary throughout 2011 as a result of Congressional action or CMS rule changes. Furthermore, the Company anticipates private-pay insurance companies, as is typically the case, to reimburse a higher amount.
"The formal publication of the CPT code, including the associated RVUs, constitutes an important milestone in our effort to ensure that PTNS using our Urgent PC System is properly reimbursed," said David Kaysen, President and CEO of Uroplasty. "And now that we know the base Medicare physician payment, we will continue working to secure broad coverage for PTNS from all Medicare carriers and private payers across the country. As we have previously announced and discussed, we are working diligently with medical directors of insurance companies to educate them on our strong clinical data, and we will now be able to present to them the specifics of the new CPT code and the associated RVUs."
"This new reimbursement level for PTNS is within the range we had anticipated. We continue to believe we can successfully roll out our relaunch strategy at this reimbursement rate," continued Mr. Kaysen. "We also believe that our customers will continue to position the Urgent PC System as an attractive treatment for overactive bladder that is minimally invasive, with few side effects for the patient and supported by solid clinical evidence for efficacy."
"We are excited to enter the execution phase of the relaunch of our Urgent PC Neuromodulation System," added Mr. Kaysen. "In anticipation of increased interest in our Urgent PC System resulting from the new CPT code, we have expanded our U.S. field sales organization to 30 employed representatives, doubling the number of our sales representatives since the beginning of the current fiscal year. They will soon be trained and prepared to aggressively relaunch Urgent PC in the coming months. "
About Uroplasty Inc.
Uroplasty Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in The Netherlands and the United Kingdom, is a medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions. Our focus is the continued commercialization of our Urgent PC system, which we believe is the only FDA-approved minimally invasive nerve stimulation device designed for office-based treatment of urinary urgency, urinary frequency and urge incontinence - symptoms often associated with overactive bladder. We also offer Macroplastique Implants®, 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 http://www.uroplasty.com/.
Forward-Looking Information
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, further regulatory changes could impact the reimbursement received for use of our products, we may not be able to convince all or most of the agencies that administer government programs, or private payers, to reimburse based on the new code, we cannot be certain that our expenditures to expand our sales force will be justified by increased sales, we cannot be certain that changes in expenses we incur will not negatively impact the point when we begin generating operating profit and we cannot be certain that larger competitors will not introduce products or pharmaceuticals that target the portion of the market for which Urgent PC is designed.
CPT is a registered trademark of the American Medical Association For Further Information: Uroplasty Inc. EVC Group David Kaysen, President and CEO, or Doug Sherk (Investors) Medi Jiwani, Vice President, CFO, and Treasurer 415.896.6820 952.426.6140 Chris Gale (Media) 646.201.5431
Uroplasty Inc.
CONTACT: David Kaysen, President and CEO, or Medi Jiwani, Vice
President, CFO, and Treasurer, +1-952-426-6140, both of Uroplasty Inc.; or
investors, Doug Sherk, +1-415-896-6820, or media, Chris Gale, +1-646-201-5431,
both of EVC Group, for Uroplasty Inc.
Web Site: http://www.uroplasty.com/
