MINNEAPOLIS, May 6 Uroplasty, Inc. (NYSE Amex: UPI), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, announced today that it has been informed that percutaneous tibial nerve stimulation (PTNS), the procedure performed using the Uroplasty Urgent PC Neuromodulation System, will receive a category 1 CPT reimbursement code. This is expected to occur when those codes are published by the Centers for Medicare and Medicaid Services, which is expected in October 2010.
Reimbursement rates for the procedure have not yet been established, the new CPT code number has not been assigned, and reimbursement requests using the new CPT code may not be submitted prior to January 2011. Further, the code will not ensure that additional reimbursement agencies beyond those that currently cover the procedure, whether governmental agencies or private payers, will cover PTNS treatments.
About Uroplasty, Inc.
Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in The Netherlands and the United Kingdom, is a medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions. Our primary focus is the continued commercialization of our Urgent PC System, which we believe is the only FDA-approved minimally invasive nerve stimulation device designed for office-based treatment of urinary urgency, urinary frequency and urge incontinence - symptoms often associated with overactive bladder. We also offer Macroplastique®, an injectable bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. Please visit Uroplasty, Inc. at http://uroplasty.com.
This press release contains forward-looking statements regarding the timing of coding decisions, reimbursement rate decisions and payer reimbursement decisions that are subject to risks and uncertainties. We discuss in detail the factors that may affect the achievement of our forward-looking statements in our Annual Report on Form 10-K filed with the SEC. Further, we cannot assure that third-party payers will provide or continue to provide coverage and reimbursement, or reimburse the providers an amount sufficient to cover their costs and expenses for Urgent PC treatments.
For Further Information: Uroplasty, Inc. EVC Group --------------- --------- David Kaysen, President and CEO, or Doug Sherk (Investors) Medi Jiwani, Vice President, CFO, and Treasurer, 415.896.6820 952.426.6140 Chris Gale (Media) 646.201.5431
SOURCE Uroplasty, Inc.