NeurAxis Announces CareFirst BCBS Policy Coverage

Rhea-AI Summary

NeurAxis, Inc. (NRXS) announces receipt of policy coverage from CareFirst Blue Cross Blue Shield for the mid-Atlantic region, expanding their covered lives to 8.25 million. This aligns with their strategy to leverage clinical evidence supporting IB-Stim™ and drive market adoption of their technology.

Positive

• Expansion of policy coverage with CareFirst BCBS to 3.5 million lives in the mid-Atlantic region is a significant achievement.
• The company's strategy to obtain payer coverage and drive market adoption is yielding positive results, with covered lives now at 8.25 million.

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• None.

CARMEL, Ind., Nov. 15, 2023 (GLOBE NEWSWIRE) -- NeurAxis, Inc. (“NeurAxis,” or the “Company”) (NYSE American: NRXS), a medical technology company commercializing neuromodulation therapies addressing chronic and debilitating conditions in children and adults, today announced receipt of CareFirst Blue Cross Blue Shield (“CareFirst BCBS”) policy coverage for the mid-Atlantic region with 3.5 million lives. CareFirst BCBS is the largest healthcare insurer in the mid-Atlantic that includes Maryland, Washington DC, and Northern Virginia.

“We are pleased to announce new policy coverage from CareFirst BCBS, which is in line with our strategy to leverage clinical evidence supporting IB-Stim™ to obtain payer coverage and then drive market adoption of our technology,” said Brian Carrico, President and Chief Executive Officer of NeurAxis. “With CareFirst BCBS, our covered lives now stands at 8.25 million and we look forward to receiving positive response from payers on a national level as we close in on all data being published.”

About NeurAxis, Inc.
NeurAxis, Inc., is a medical technology company focused on neuromodulation therapies to address chronic and debilitating conditions in children and adults. NeurAxis is dedicated to advancing science and leveraging evidence-based medicine to drive the adoption of its IB-Stim™ therapy, which is its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, by the medical, scientific, and patient communities. IB-Stim™ is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents 11-18 years old. Additional clinical trials of PENFS in multiple pediatric and adult conditions with large unmet healthcare needs are underway. For more information, please visit http://neuraxis.com/.

Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. There are a number of important factors that could cause actual results, developments, business decisions or other events to differ materially from those contemplated by the forward-looking statements in this press release. These factors include, among other things, the conditions in the U.S. and global economy, the trading price and volatility of the Company’s stock, public health issues or other events, the Company’s compliance with applicable laws, the results of the Company’s clinical trials and perceptions thereof, the results of submissions to the FDA, the results of the shareholder vote to enable the issuance of the Preferred Stock, and factors described in the Risk Factors section of NeurAxis’s public filings with the Securities and Exchange Commission (SEC). Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable law, the Company undertakes no obligation to update or revise these statements, whether as a result of any new information, future events and developments or otherwise.

Contacts:

Company
NeurAxis, Inc.
info@neuraxis.com

Investor Relations
Gilmartin Group
IR@neuraxis.com

FAQ

What is the latest announcement from NeurAxis, Inc. (NRXS)?

NeurAxis, Inc. has announced receipt of policy coverage from CareFirst Blue Cross Blue Shield for the mid-Atlantic region, expanding their covered lives to 8.25 million.

Who is CareFirst Blue Cross Blue Shield and how many lives do they cover?

CareFirst BCBS is the largest healthcare insurer in the mid-Atlantic that includes Maryland, Washington DC, and Northern Virginia, covering 3.5 million lives.

What is NeurAxis, Inc.'s strategy regarding payer coverage and market adoption?

NeurAxis, Inc. aims to leverage clinical evidence supporting IB-Stim™ to obtain payer coverage and drive market adoption of their technology.

What is the role of Brian Carrico at NeurAxis, Inc.?

Brian Carrico is the President and Chief Executive Officer of NeurAxis, Inc.