NeurAxis Announces New Medical Coverage for PENFS
CARMEL, Ind. — NeurAxis, Inc. (“NeurAxis,” or the “Company”) (NYSE American: NRXS), a prominent player in the medical technology field focusing on neuromodulation, has shared exciting news regarding medical coverage for its groundbreaking treatment, Percutaneous Electrical Nerve Field Stimulation (PENFS). Effective immediately, this new coverage will be offered by Geisinger Health Plan, which caters to over 600,000 members in the area.
Impact on Coverage and Patient Accessibility
This updated medical policy is significant as it broadens the coverage for NeurAxis’ PENFS to around 24 million insured individuals across the country. As healthcare continues to evolve, this expanded coverage marks a crucial advancement in improving patient access to essential therapies. The endorsement of PENFS by major payers underscores the strong and persuasive research supporting this technology.
PENFS Technology Explained
The IB-Stim™ device, which is integral to NeurAxis’ PENFS strategy, functions as a non-invasive tool that delivers gentle electrical impulses to cranial nerve bundles situated in the ear. This technology has received FDA clearance specifically for treating functional abdominal pain linked to irritable bowel syndrome (IBS) in adolescents aged 11 to 18. Notably, there are currently no FDA-approved medications specifically designed for children experiencing abdominal pain due to gut-brain interaction disorders.
Significance of the New Policy
Brian Carrico, the President and Chief Executive Officer of NeurAxis, expressed his excitement regarding the partnership with Geisinger Health. He emphasized the company's dedication to boosting the market adoption of its technology. With this new coverage, NeurAxis has set an ambitious target: to secure medical policy coverage for at least 50 million lives by the end of 2024, which will facilitate essential revenue growth and improved profit margins in late 2024 and into the following year.
Clinical Research and Future Developments
NeurAxis is deeply committed to research and innovation. The company is currently conducting clinical trials involving PENFS that focus on a variety of pediatric and adult conditions facing significant healthcare challenges. This practical, evidence-driven approach highlights their mission to provide effective, scientifically validated treatment options.
About NeurAxis
Founded to drive innovation in the medical technology sector, NeurAxis specializes in neuromodulation therapies. Their commitment to advancing medical science ensures that both the medical community and patients recognize the efficacy and reliability of their IB-Stim™ therapy. Beyond their current treatments for IBS, NeurAxis is dedicated to pursuing additional clinical trials for PENFS aimed at addressing unmet needs across various health conditions.
Contact Information for Inquiries
For more information, interested individuals can contact 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 has introduced new medical policy coverage for its PENFS technology through Geisinger Health Plan, enhancing access to its treatment for chronic conditions.
How many lives are currently covered under NeurAxis’ PENFS technology?
The announcement increases the total coverage to approximately 24 million insured lives nationwide.
What condition does the IB-Stim™ device address?
The IB-Stim™ device is FDA-cleared for the treatment of 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 secure medical policy coverage for at least 50 million lives by the end of 2024.
How does NeurAxis view the importance of research in their developments?
NeurAxis highlights the vital role of research and clinical evidence in promoting their PENFS technology and ensuring the effectiveness of their treatments.
