NeurAxis Announces New Medical Policy Coverage in North Dakota
- Expansion of medical policy coverage for PENFS in North Dakota with a BCBS licensee.
- IB-Stim™ technology is FDA-cleared for functional abdominal pain associated with IBS in adolescents.
- No FDA-approved drug therapies for children with abdominal pain-related disorders, making PENFS a valuable alternative.
- Current medical treatments for children with abdominal pain-related disorders often have serious side effects and lack scientific evidence of efficacy.
- NeurAxis aims to leverage strong clinical evidence to obtain payer coverage and drive market adoption of their technology.
- Potential for additional coverage from payers on a national level.
- None.
Insights
The recent announcement by NeurAxis concerning the expanded coverage of IB-Stim™ highlights a strategic move that could improve the company's market penetration and revenue stream. As insurers like BCBS embrace this technology, the potential patient base for NeurAxis significantly increases, now that over 310,000 individuals in North Dakota may have easier access to the device. This could serve as a persuasive precedent for other insurers, particularly given the current gap in FDA-approved drug therapies for pediatric abdominal pain disorders. Financially, expanded coverage directly translates to a reduction in barriers to adoption, potentially increasing sales volumes for NeurAxis.
From a product standpoint, IB-Stim™ represents a significant innovation in the treatment of functional abdominal pain in adolescents, differentiating itself by being non-surgical and FDA-cleared. The lack of competing FDA-approved drugs for this indication means NeurAxis is tapping into an underserved market. By providing a solution with fewer side effects compared to off-label drug alternatives, the device may see a higher acceptance rate among both physicians and patients. Long-term, this can strengthen the company's foothold in the neuromodulation space, potentially leading to increased shareholder value.
CARMEL, Ind., April 23, 2024 (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 the publication of medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS), effective 05/06/2024, with a Blue Cross Blue Shield (BCBS) licensee in North Dakota. The BCBS licensee is the largest provider of health care coverage in North Dakota, insuring and/or administering claims for over 310,000 people, effective May 6, 2024.
IB-Stim™ is a non-surgical device that sends gentle electrical impulses into cranial nerve bundles in the ear. Neuraxis’ PENFS technology is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents 11-18 years old. There are currently no FDA-approved drug therapies for children with abdominal pain-related disorders of the gut-brain interaction. The current medical treatments, which are off-label drugs, can often have serious side effects, and most lack scientific evidence of efficacy.
“We are pleased to announce a new medical coverage policy, expanding our total covered lives for IB-Stim™ to approximately 16.5 million individuals, which speaks to the strength of the clinical data,” said Brian Carrico, President and Chief Executive Officer of NeurAxis. “We remain focused on executing on our commercial strategy, leveraging strong clinical evidence to obtain payer coverage and drive market adoption of our technology. We look forward to receiving additional coverage from payers on a national level.”
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. and https://ibstim.com/important-information/.
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
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com
FAQ
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