Myomo® Application for Medicare Codes Receives Favorable Preliminary Decision
May 14 2018 - 8:00AM
Business Wire
Myomo, Inc. (NYSE American:MYO) (“Myomo,” or the “Company”), a
wearable medical robotics company, announces that the Centers for
Medicare & Medicaid Services ("CMS") has published a
favorable preliminary decision regarding the Company’s application
for Healthcare Common Procedure Coding System (HCPCS) “L” codes.
Myomo had filed its application in December 2017 to have CMS
establish two new Level II HCPCS codes to describe
“microprocessor-controlled, custom fabricated upper extremity
braces.”
"We are very grateful to CMS and the whole HCPCS Workgroup for
their preliminary decision to assign L Codes for our MyoPro line of
powered orthoses," said Myomo Chief Medical Officer Dr.
Brandon Green. "The MyoPro has already helped so many patients with
neurological/neuromuscular injury and illness by supporting their
weakened arms, restoring control over their range of motion,
reducing their healthcare costs, and giving them back their
independence. It is important for clinically qualified Medicare and
Medicaid beneficiaries to have access to this technology, too.”
If the decision is made permanent, the codes will become
effective on January 1, 2019. The assignment of unique L-Codes, if
followed by appropriate payment terms (which are still pending),
would offer greater access to the MyoPro for Medicare
beneficiaries.
The CMS preliminary decision on the MyoPro orthoses can be
viewed on the following website:
https://www.cms.gov/Medicare/Coding/MedHCPCSGenInfo/Downloads/2018-06-18-HCPCS-Public-Meeting-Agenda.pdf
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers
expanded mobility for those suffering from neurological disorders
and upper limb paralysis. Myomo develops and markets the MyoPro
product line. MyoPro is a powered upper limb orthosis designed to
support the arm and restore function to the weakened or paralyzed
arms of patients suffering from CVA stroke, brachial plexus injury,
traumatic brain or spinal cord injury, ALS or other neuromuscular
disease or injury. It is currently the only marketed device that,
sensing a patient’s own EMG signals through non-invasive
sensors on the arm, can restore an individual’s ability to perform
activities of daily living, including feeding themselves, carrying
objects and doing household tasks. Many are able to return to work,
live independently and reduce their cost of care. Myomo is
headquartered in Cambridge, Massachusetts, with sales and clinical
professionals across the U.S. For more information, please
visit www.myomo.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding
the Company's future business expectations, which are subject to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are only
predictions and may differ materially from actual results due to a
variety of factors, and include statements regarding the
therapeutic benefit of our products, and the preliminary decision
published by CMS relating to our application for HCPCS codes and
the potential for greater access to MyoPro for Medicare
beneficiaries. Our actual results could differ materially from
those anticipated in these forward looking statements for many
reasons, including, without limitation, risks related to regulatory
approval and market acceptance of our products, including that
there can be no assurance that the CMS decision will be made
permanent and that receipt of this preliminary decision or any
permanent decision by CMS would result in any greater access to our
products or reimbursement therefor, and the other risk factors
contained in our filings made with the Securities and Exchange
Commission. More information about factors that potentially could
affect Myomo's financial results is included in Myomo's filings
with the Securities and Exchange Commission. The Company
cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
The Company disclaims any obligation subsequently to revise any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20180514005369/en/
For Myomo:ir@myomo.comorInvestor Relations:PCG
AdvisoryVivian Cervantes,
646-863-6274vivian@pcgadvisory.comorPublic
Relations:GreenoughRachel Robbins,
617-275-6521rrobbins@greenough.biz
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