DGAP-News: MagForce AG: MagForce USA, Inc. receives Payment Code Approval by the American Medical Association for the Focal Ablation of Prostate Cancer with the NanoTherm Therapy System
DGAP-News: MagForce AG
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MagForce AG: MagForce USA, Inc. receives Payment Code Approval by the American Medical Association for the Focal Ablation of Prostate Cancer with the NanoTherm Therapy System
Berlin, Germany and Nevada, USA, April 8, 2022 - MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, together with its subsidiary MagForce USA, Inc., announced today that the American Medical Association's (AMA) Current Procedures Terminology (CPT) Editorial Panel has issued new Category III CPT codes for the ablation of prostate tissue by magnetic field induction. The full description of the procedure for the new codes will be published on July 1, 2022. The payment codes will be programmed into the claims processing software of all payers and, thus, be fully implemented effective January 1, 2023.
"Our CPT code application for the NanoTherm Therapy system represented a first significant step in our preprations for commercialization. AMA's approval of the new codes is the starting point for securing insurer reimbursement of our NanoTherm prostate ablation procedure. It guarantees, that billing codes for the procedure will already be available when FDA marketing approval is secured as they will be already included in the claims processing software of all payers." said Ben Lipps, CEO of MagForce AG and MagForce USA, Inc. "These are exciting times and we are moving ahead towards our goal of providing prostate cancer patients with a minimally invasive and highly accurate treatment option."
Category III CPT codes are assigned temporarily to emerging technologies, services, and procedures. They are used to collect data and assess new procedures either in the FDA approval process or when an innovative technology is firstly introduced to the market and can then be transformed into permanent codes. Based on the assigned Category III CPT codes that testify to the familarity with the procedure of relevant medical specialty societies which was used to support the code application with AMA, MagForce will be working with payers to negotiate initial pricing on the basis of its robust clinical data and solid development plan.
About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm Therapy system enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.
NanoTherm(R), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.
08.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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