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The new code is CPT 50593 which will be paid an adjusted average in the$440 range and is the first time there is a specific code and reimbursementrate for this procedure. Percutaneous renal cryoablation is a minimallyinvasive procedure that allows physicians to destroy small tumors in thekidney by inserting a probe directly through the skin and freezing thecancerous tissue.
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Endocare Chairman, CEO and President Craig T. Davenport said: "Thisrepresents a significant milestone for Endocare and for cryoablation as acancer therapy. Recent data showing the safety and effectiveness of renalcryoablation have made a positive impression on the American MedicalAssociation Committee that establishes clinical CPT codes. The new renalcryoablation reimbursement rate, paid at a higher rate than other percutaneousablation modalities, provides patients and their physicians with a powerfulnew option when choosing a therapy to treat a dangerous disease."
About Endocare
Endocare, Inc. -- www.endocare.com -- is an innovative medical devicecompany providing minimally invasive technologies for tissue and tumorablation. Endocare has initially concentrated on developing technologies forthe treatment of prostate cancer and believes that its proprietarytechnologies have broad applications across a number of markets, including theablation of tumors in the kidney, lung and liver and palliative intervention(treatment of pain associated with metastases).
Statements in this press release that are not historical facts areforward-looking statements that involve risks and uncertainties, including,without limitation, the effects of the new CPT code described above. Among theimportant factors that could cause actual results to differ materially fromthose in the forward-looking statements include, but are not limited to, thosediscussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q and otherfilings with the Securities and Exchange Commission. Such risk factorsinclude, but are not limited to, the following items: the Company may incursignificant expenses in the future as a result of the Company's obligation topay legal fees for and otherwise indemnify former officers and formerdirectors in connection with the ongoing investigation and legal proceedingsinvolving them; the Company has a limited operating history with significantlosses and losses may continue in the future; the Company may requireadditional financing to sustain its operations and without it the Company maynot be able to continue operations; the sale of the Company's common stock toFusion Capital may cause dilution, and the sale of the shares of common stockacquired by Fusion Capital or Frazier Healthcare Ventures could cause theprice of the Company's common stock to decline; the Company's business may bematerially and adversely impacted by the loss of the Company's largestcustomer or the reduction, delay or cancellation of orders from this customeror if this customer delays payment or fails to make payment; the Company maybe required to make state and local tax payments that exceed the Company'ssettlement estimates; uncertainty relating to third party reimbursement;uncertainty regarding the ability to convince health care professionals andthird party payers of the medical and economic benefits of the Company'sproducts; the risk that intense competition and rapid technologi