Medovex Receives Reimbursement for Its DenerveX Facet Joint Syndrome Treatment in Germany
ATLANTA, GA -- (Marketwired) -- 02/04/16 -- Medovex Corp. (NASDAQ: MDVX), a developer of medical technology products, today announced that the reimbursement authority in Germany has released new reimbursement payment coding for the DenerveX™ System technology for the treatment of the Facet Joint Syndrome.
The new reimbursement coding, effective immediately, was released in the Diagnosis-Related Group (DRG) system in 2016 in Germany. This new coding allows for hospitals and outpatient centers to receive reimbursement for the use of the DenerveX System for the treatment of the Facet Joint Syndrome in the spine.
According to Patrick Kullmann, President and COO of Medovex, "The new reimbursement code in Germany is a significant milestone in our European launch preparation for the DenerveX System. Germany is often recognized as a leader in early clinical adoption of new and cost effective technologies, being on the forefront of establishing reimbursement guidelines, and with other countries often following its lead. Reimbursement is perhaps the most foundational element supporting adoption for a medical technology. It's for this reason, amongst others, that we are very pleased to have successfully secured the codes issuance."
"We are encouraged that Germany now provides reimbursement for DenerveX System," said Manfred Sablowski, Senior Vice President Sales & Marketing of Medovex. "The World Health Organization ranks Germany as one of the top healthcare systems globally, based upon measurements of the overall level and distribution of health, responsiveness, and financial contribution to healthcare services."
The Company's patented DenerveX System, currently in final development and not yet commercially available, is designed to provide longer lasting relief of pain associated with the facet joint. Lower back pain is the second most common cause of disability in the U.S. for adults. Studies indicate that 10% of the U.S. adult population suffers from lower back pain and that 31% of lower back pain is attributed to facet joint pain.
The DenerveX System consists of the DenerveX device, a single use device, and the DenerveX Pro-40 Power Generator. The DenerveX system is designed to provide a minimally invasive treatment option which combines two actions into one device.
DenerveX is not yet CE marked or FDA cleared and is not yet commercially available.
Medovex was formed to acquire and develop a diversified portfolio of potentially ground breaking medical technology products. Criteria for selection include those products with potential for significant improvement in the quality of patient care combined with cost effectiveness. The Company's first pipeline product, the DenerveX device, is intended to provide long lasting relief from pain associated with facet joint syndrome at significantly less cost than currently available options. To learn more about Medovex Corp., visit www.medovex.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Source: Medovex Corp.
Released February 4, 2016