Elbit Imaging Ltd. Announces That INSIGHTEC's Exablate Neuro System Has Been Approved by CMS for U.S. Coverage for the Treatm...
November 16 2016 - 11:24AM
Elbit Imaging Ltd. (TASE:EMITF) (NASDAQ:EMITF)
("
Elbit" or the "
Company")
announced today that it was informed by INSIGHTEC Ltd.
("
INSIGHTEC"), that the Centers for Medicare and
Medicaid Services (the "
CMS") assigned a status to
the Exablate Neuro treatment for Essential Tremor, moving it from a
non-payable status indicator to one that allows reimbursement.
The CMS decision is one of several steps toward
gaining appropriate reimbursement for MRgFUS for essential tremor.
This needs to be followed by CMS regional offices approval to the
reimbursement for the Exablate Neuro treatment, for their
patients.
According to the CMS's recommendation, the
Exablate Neuro was assigned a reimbursement code with a payment
level of $9751.
The CMS is part of the U.S. Department of Health
and Human Services, and it oversees, among its other functions,
Medicare (the federal health insurance program for the elderly,
[which are the main group of potential patients for the Exablate
Neuro treatment]), and Medicare reimbursement rates for
healthcare providers that use federally certified health IT
systems.
At this stage, INSIGHTEC is unable to estimate
the implications of the CMS's recommendation on INSIGHTEC.
INSIGHTEC’s Exablate Neuro platform is
transforming medicine by presenting a non-invasive treatment
alternative that combines two technologies: Focused Ultrasound,
which is used to lesion the targeted tissue deep in the brain, and
Magnetic Resonance Imaging (MRI), which is used to guide the
ultrasound waves to the specific target tissue and provide
real-time feedback on treatment progress and outcomes.
Essential tremor is the most common movement
disorder, affecting millions people worldwide. It is a progressive
and debilitating neurological condition that causes a rhythmic
trembling of the hands, head, voice, legs or trunk.
The Company holds approximately 89.9% of the
share capital of Elbit Medical Technologies Ltd. (TASE:EMTC-M)
(85.6% on a fully diluted basis) which, in turn, holds
approximately 31.3% of the share capital in INSIGHTEC (26.6% on a
fully diluted basis).
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following
principal fields of business: (i) Commercial centers - initiation,
construction, and sale of commercial centers and other mixed-use
property projects, predominantly in the retail sector, located in
Central and Eastern Europe. In certain circumstances and depending
on market conditions, the Group operates and manages commercial
centers prior to their sale. (ii) Hotel - operation and
management of the Radisson hotel Complex in Bucharest, Romania.
(iii) Medical industries and devices - (a) research and
development, production and marketing of magnetic resonance imaging
guided focused ultrasound treatment equipment, and (b) development
of stem cell population expansion technologies and stem cell
therapy products for transplantation and regenerative medicine.
(iv) Plots in India - plots designated for sale initially
designated to residential projects.
Any forward-looking statements in our releases
include statements regarding the intent, belief or current
expectations of Elbit Imaging Ltd. and our management about our
business, financial condition, results of operations, and its
relationship with its employees and the condition of our
properties. Words such as “believe,” “expect,” “intend,” “estimate”
and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. Actual results may differ materially from those
projected, expressed or implied in the forward-looking statements
as a result of various factors including, without limitation, a
change in market conditions, a decision to deploy the cash for
other business opportunities and the factors set forth in our
filings with the Securities and Exchange Commission including,
without limitation, Item 3.D of our annual report on Form 20-F for
the fiscal year ended December 31, 2015, under the caption “Risk
Factors.” Any forward-looking statements contained in our releases
speak only as of the date of such release, and we caution existing
and prospective investors not to place undue reliance on such
statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there
can be no assurance that any forward-looking statement contained in
our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.
For Further Information:
Company Contact
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
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