MINNEAPOLIS, July 18, 2011 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today announced that two additional private insurance payers will cover posterior tibial nerve stimulation (PTNS) using its Urgent PC Neuromodulation System for the treatment of overactive bladder (OAB) and associated symptoms. Effective August 1, 2011, Health Care Service Corporation (HCSC), covering approximately 13 million lives in Texas, Illinois, New Mexico and Oklahoma, will begin covering and paying for PTNS therapy. HCSC is the second largest Blue Cross Blue Shield affiliate and the fourth largest private payer in the U.S. Additionally, effective May 18, 2011, BlueCross BlueShield of Nebraska, covering approximately 668,000 lives, initiated coverage of PTNS treatments.
"This expanded private payer coverage of PTNS is based on a solid foundation of published clinical data as well as compelling presentations at professional meetings delivered by key opinion leaders in urology and urogynecology who have hands on experience with Urgent PC. The additional coverage is another step forward for our Company as we seek to further expand the adoption of PTNS treatments," said David Kaysen, President and CEO of Uroplasty, Inc. "We have now secured coverage from three of the four largest private payers in the U.S. We estimate that in total the Medicare and private-pay carriers that today provide coverage for PTNS treatments represent approximately 115 million lives. We remain focused on our efforts to garner additional coverage and drive adoption of Urgent PC, and we are optimistic about the potential for our success."
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 Neuromodulation System, the only FDA-cleared system that delivers posterior tibial nerve stimulation for the office-based treatment of overactive bladder and associated symptoms of urgency, frequency and urge incontinence. 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 www.uroplasty.com.
Forward-Looking InformationThis 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, we cannot be certain that the rate of reimbursement for PTNS treatments will be adequate to justify the cost of our product, that other Medicare carriers or private payers will provide coverage for this treatment, or that any of the other risks identified in our 10-K will not adversely affect our expectations as described in these forward-looking statements.For Further Information:
David Kaysen, President and CEO, or
Medi Jiwani, Vice President, CFO, Treasurer
952.426.6140 EVC Group
Doug Sherk/Jenifer Kirtland (Investors), 415.896.6820
Chris Gale (Media), 646.201.5431
|SOURCE Uroplasty, Inc.|
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