Oslo, Norway, November 28, 2013: Photocure ASA (OSE: PHO), a specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces that the US Centers for Medicare & Medicaid Services (CMS) has released the final rule for the Medicare Outpatient program, which included provisions addressing payments for drugs and procedures for 2014.
Photocure announced on 22 October 2013, in its third quarter 2013 report, that CMS proposed to create a new package payment category to package Cysview® (hexaminolevulinate) into the overall procedure reimbursement code. In the final ruling, CMS confirmed the creation of this new package category for 2014. The rule, which will be effective starting January 2014, will result in reduced payments to hospitals when using Cysview and may compromise patient access to this revolutionary drug.
Kjetil Hestdal, President and CEO of Photocure, said: “The effectiveness and benefits of using Cysview for improved detection and management of bladder cancer are unparalleled and widely recognized. The leading urology associations AUA, BCAN, as well as other patient groups, see the potential of using Cysview in the treatment of bladder cancer. Although this ruling is disappointing, we will continue to work closely with CMS to secure a long-term separate payment code for Cysview. Photocure remains confident in the long-term potential for Cysview. However, we do expect some new potential customers to be impacted by the CMS ruling in the fourth quarter.”
The US Medicare reimbursement payments for drugs and procedures are annually reviewed by CMS. The CMS review of the US Medicaid reimbursement program can be accessed at:
For further information, please contact:
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: firstname.lastname@example.org
CFO Erik Dahl
Tel: +47 450 55 000, Email: email@example.com
Mary Clark, Hollie Vile, Supriya Mathur
Tel: +44 20 3440 5653, Email: firstname.lastname@example.org