Bill assures patients continue to have access to ZEVALIN(R) and other novel
SEATTLE, Dec. 20 /PRNewswire-FirstCall/ -- New Medicare legislation passed by the House and Senate extends the 2007 reimbursement methodology for radiopharmaceuticals into 2008. The Centers for Medicare and Medicaid Services (CMS) had implemented new hospital outpatient reimbursement rates for 2008 for radiopharmaceuticals like ZEVALIN(R) (Ibritumomab Tiuxetan) below their acquisition costs. The drugs are used to fight relapsed non-Hodgkin's lymphoma, which for some patients can provide additional therapeutic options. The new Medicare legislation will maintain the current methodology for reimbursement of therapeutic radiopharmaceuticals for the first six months of 2008, giving the drugs' manufacturers and CMS time to seek a permanent reimbursement procedure that more accurately reflects hospital costs associated with the therapy.
"We applaud law makers for responding to the concerns of patients and providers regarding these important therapeutic options for treating patients with this deadly disease," said CTI President and CEO James A. Bianco, M.D. "This legislation will maintain the status quo and provide the drug manufacturers the opportunity to work with CMS on developing an equitable methodology for reimbursing therapeutic radiopharmaceuticals."
Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; MTAX) has signed an agreement to acquire the U.S. marketing, sales and development rights to ZEVALIN from Biogen Idec, Inc., which it expects to close later this month. Until the transaction is closed, ZEVALIN remains a product and trademark of Biogen Idec, Inc.
|SOURCE Cell Therapeutics, Inc.|
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