GI Dynamics (ASX:GID) said it won a reimbursement nod in Germany for its flagship EndoBarrier weight loss and diabetes device.
The German Institute for the Hospital Remuneration System expanded reimbursement coverage for the EndoBarrier device, granting its highest classification for innovative devices, NUB Status 1, according to a press release. The EndoBarrier has had CE Mark approval since late 2009.
The EndoBarrier is a plastic sleeve that lines the small intestine, to treat obesity and Type II diabetes. The device prevents food from being absorbed by the body, inducing weight loss and helping control the symptoms of diabetes.
“This favorable decision from InEK represents a significant step forward in our national reimbursement efforts in Germany to establish EndoBarrier Therapy as an accessible treatment option for people who are struggling with type 2 diabetes and obesity. After receiving the unique OPS-Code for EndoBarrier, and now the NUB Status 1, we are hopeful we’re on a path that will lead to adequate remuneration of EndoBarrier procedures. This positive momentum is a result of our intensive reimbursement strategy in Germany and the collaborative approach taken by GI Dynamics, influential medical societies, physicians and other key constituents,” president & CEO Stuart Randle said in prepared remarks.
Back in July 2013, Lexington, Mass.-based GI Dynamics raised $34.8 million to back a U.S. trial of its EndoBarrier device.
