NeurAxis Announces Geisinger Health Plan Medical Policy Coverage for PENFS, Effective September 15 2024
27 August 2024 - 3:00PM
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 medical policy coverage for
Percutaneous Electrical Nerve Field Stimulation (PENFS), for
Geisinger Health Plan, serving 600,000+ enrollees in central
Pennsylvania. This medical policy will bring our national total
coverage for PENFS to roughly 24 million insured lives, with more
decisions from major payers still pending.
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 excited about the coverage expansion
with Geisinger Health, an affiliate of the Geisinger Janet Weis
Children's Hospital, located in central Pennsylvania,” said Brian
Carrico, President and Chief Executive Officer of NeurAxis. “We
continue to make progress in our commercialization of IB-Stim by
increasing payer coverage to drive market adoption of our
technology. Payers' acceptance of our PENFS technology is the
result of the robust body of published research. We are on track to
achieve our stated goal of having medical policy coverage for at
least 50 million lives by the end of 2024, which will set the stage
for a significant revenue and margin ramp in late 2024 and into
2025,” Mr. Carrico concluded.
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 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.
For IFU, Precautions, Warnings, Risks, See
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:
CompanyNeurAxis,
Inc.info@neuraxis.com
Investor Relations Lytham PartnersBen
Shamsian646-829-9701shamsian@lythampartners.com
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