BioVentrix said today that its Revivent TC transcatheter ventricular enhancement system won NUB 1 reimbursement status from the German Institute for the Hospital Remuneration System.
This status is the highest of 4 levels, which will bring in full reimbursement for the San Ramon, Calif.-based company at participating hospitals. Payers at these hospitals will be required to cover the gaps in treatment costs for the Revivent system.
BioVentrix’s Revivent system is designed to treat the left ventricle following a myocardial infarction or heart failure. The system eliminates the need for cardiopulmonary bypass or incisions in the heart, according to the company, by placing titanium anchors along the heart’s outer surface and 1 of the inside walls. The anchors are pulled toward each other to exclude scarred and non-functioning portions of the heart wall.
Ventricular volume is reduced by as much as 30% to 40% as a result of the exclusion, BioVentrix reported.
“Achieving NUB Reimbursement Status 1 is an important step towards increasing product adoption in Germany, where there’s a growing need for effective, less invasive, and cost-effective [heart failure] treatment options such as Revivent TC,” president & CEO Kenneth Miller said in prepared remarks. “We look forward to working closely with physicians and hospitals to bring this novel therapy to patients suffering from left ventricular dysfunction.”
In January, the company said it raised $7.9 million in a new offering of convertible notes. Money in the found came from 127 anonymous investors, according to a regulatory filing.
BioVentrix is looking for another $3.4 million before closing the round and has not yet formally said how it plans to spend its newly-acquired funds.
In June last year, the company won CE Mark approval for the Revivent TC system in the European Union.