Tissue Regenix’s Medicare reimbursements status
Tissue Regenix is a regenerative medical device company which has continued to make progress in the health care system of the US. The company has managed to gain approval from CGS Medicare for coverage of reimbursement for the use of the DermaPure treatment by Tissue Regenix.
CGS covers the state of Kentucky and Ohio and further adds 1.9 million Medicare beneficiaries who can also achieve the benefits of DermaPure which is a skin substitute which works by taking the skin of the donor, removes the DNA and cells by making use of the dCELL process by the company.
The approval achieved by the company marks yet another step in DermaPure being adopted as part of the Medicare framework which is a federal health insurance program in the US for those over the age of 65.
This followed 2 months after a similar agreement with Novitas had been made, a Medicare contracts which oversees 12 states. The CEO of Tissue Regenix stated that they are welcoming the decision of the CGS to give coverage which is seen to be an important step to achieve the objective of commercializing DermaPure within the US. He stated that they would continue to work hard and increase awareness regarding the product which would be based on clinical results for patients and this is something the company is excited on having achieved, especially so soon after Novitas.
The company is also investing a lot in the operations it runs in the US as it is hoping to gain a stronghold in this particular market. The investments being made by the company were shown through the results they achieved in January. Loss before tax increased to 8.2 million pounds from a previous 6.4 million pounds from the year before because administrative costs had increased as well.
The company ended their financial year being in a strong position with regard to cash and had a cash balance of 10.3 million pounds which was down from 18.5 million pounds in the previous year however since then the company managed on increasing this to 19.0 million pounds through good share placement. The CEO mentioned that the year ending on January 31st, 2015 was one in which the company achieved good progress. The drive towards working on making DermaPure more commercial has also been a success along with the encouraging results of the early stage of products in various portfolios which was achieved. Such developments help in validating the belief the company has that its dCELL technology has the ability to address markets of importance and improve upon the treatment as well as the recovery of a number of patients every year. He also noted that Novitas and CGS Medicare announcements were an indication of the company’s continued momentum in the new FY.