NeurAxis Expands Coverage for PENFS Technology
NeurAxis Announces New Medical Coverage for PENFS
CARMEL, Ind. — NeurAxis, Inc. (“NeurAxis,” or the “Company”) (NYSE American: NRXS), a leading medical technology company in the neuromodulation sector, has announced a significant development in medical coverage for its innovative treatment known as Percutaneous Electrical Nerve Field Stimulation (PENFS). This new coverage, effective immediately, will be provided by Geisinger Health Plan, which serves over 600,000 enrollees in the region.
Impact on Coverage and Patient Accessibility
This new medical policy is crucial as it expands the overall coverage for NeurAxis’ PENFS to approximately 24 million insured lives across the nation. As the healthcare landscape evolves, this added coverage represents a substantial step toward improving patient access to essential therapies. The acceptance of PENFS by prominent payers reflects the solid and compelling body of research backing this technology.
PENFS Technology Explained
The IB-Stim™ device, which is central to NeurAxis’ PENFS approach, operates as a non-surgical tool designed to deliver gentle electrical impulses to cranial nerve bundles located in the ear. The technology has received FDA clearance specifically for addressing functional abdominal pain related to irritable bowel syndrome (IBS) in adolescents aged 11 to 18. Remarkably, there are no FDA-approved medications tailored specifically for children suffering from abdominal pain due to gut-brain interaction disorders.
Significance of the New Policy
Brian Carrico, the President and Chief Executive Officer of NeurAxis, expressed enthusiasm about the collaborative efforts with Geisinger Health. He highlighted the company's commitment to enhancing market adoption of its technology. With this recent coverage, NeurAxis aims to reach an ambitious goal: securing medical policy coverage for at least 50 million lives by the end of 2024, paving the way for vital revenue growth and profit margins in late 2024 and into the following year.
Clinical Research and Future Developments
NeurAxis is fundamentally steeped in research and innovation. The company's ongoing clinical trials involving PENFS focus on various pediatric and adult conditions that currently face significant healthcare challenges. This practical, evidence-based approach underscores their mission to offer effective, scientifically supported treatment alternatives.
About NeurAxis
Founded to innovate within the medical technology arena, NeurAxis specializes in neuromodulation therapies. Their dedication to advancing medical science ensures that the medical and patient communities recognize the efficacy and reliability of their IB-Stim™ therapy. In addition to existing treatments for IBS, NeurAxis is committed to exploring additional clinical trials for PENFS aimed at addressing unmet needs across numerous health conditions.
Contact Information for Inquiries
For further details, interested parties can reach out to NeurAxis directly at:
NeurAxis, Inc.
info@neuraxis.com
Investor Relations
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com
Frequently Asked Questions
What is the new medical coverage announced by NeurAxis?
NeurAxis announced new medical policy coverage for its PENFS technology through Geisinger Health Plan, expanding access to its treatment for chronic conditions.
How many lives are currently covered under NeurAxis’ PENFS technology?
The announcement raises the total coverage to roughly 24 million insured lives nationwide.
What condition does the IB-Stim™ device address?
IB-Stim™ is FDA-cleared for treating functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents aged 11 to 18.
What is NeurAxis' goal for medical policy coverage by the end of 2024?
NeurAxis aims to achieve medical policy coverage for at least 50 million lives by the conclusion of 2024.
How does NeurAxis view the importance of research in their developments?
NeurAxis emphasizes the crucial role of research and clinical evidence in promoting their PENFS technology and ensuring treatment efficacy.
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