iCAD Announces New Reimbursement Codes for Intraoperative Radiation Therapy
American Medical Association Assigns New Codes to Cover IORT with Axxent eBx System, Expands Treatment Options for Breast Cancer Patients
NASHUA, N.H.–(BUSINESS WIRE)–iCAD, Inc. (Nasdaq: ICAD), an industry leading provider of advanced image analysis, workflow solutions and radiation therapies for the early identification and treatment of cancer, today announced that the American Medical Association (AMA) has assigned new Current Procedural Terminology (CPT) codes for Intraoperative Radiation Therapy (IORT). The new CPT codes, 77424 (IORT delivery, x-ray, single treatment session) and 77469 (IORT management), will be reported by hospitals and physicians offering IORT treatment for patients. As of January 1, 2012 these codes will provide reimbursement for the hospitals and physicians offering not only breast IORT but also other single-dose IORT clinical applications to their patients.
“The assignment of these new codes demonstrates that electronic brachytherapy is clearly accepted by physicians as an appropriate clinical alternative for cancer patients. We expect these new codes will enhance adoption by providing hospitals and physicians with more appropriate reimbursement when treating cancer patients”
The request for these new codes was submitted to the AMA by the American Society of Therapeutic Radiation Oncology (ASTRO). The AMA requires that all requests for new CPT codes are supported by peer reviewed clinical literature that demonstrates safety, efficacy and improved outcomes and has wide spread acceptance among physicians across the country.
“The assignment of these new codes demonstrates that electronic brachytherapy is clearly accepted by physicians as an appropriate clinical alternative for cancer patients. We expect these new codes will enhance adoption by providing hospitals and physicians with more appropriate reimbursement when treating cancer patients,” said Ken Ferry, President and CEO of iCAD. “We are pleased that the AMA has identified a need for appropriate coding that will allow patients increased access to treatment options that meet their clinical diagnosis, while minimizing radiation exposure to healthy tissue.”
IORT is completed with one course of therapy as an alternative to a five to seven week course of external beam radiation following lumpectomy. The new codes will be reported for iCAD’s Xoft Axxent® eBx™ Electronic Brachytherapy System, a non-radioactive treatment for breast brachytherapy. This system uses a proprietary platform that delivers a concentrated beam of isotope-free radiation, directly where the cancer is most likely to recur, in and around the tumor cavity, without exposing healthy tissue to radiation.
About Electronic Brachytherapy IORT
Electronic Brachytherapy offers a minimally invasive balloon catheter that is temporarily inserted into the lumpectomy cavity in the operating room immediately following surgery. One single electronic X-ray source is inserted into the balloon, delivering the appropriate level of planned radiation to the targeted tissue surrounding the lumpectomy cavity. The source is removed following treatment so no radiation remains in the patient and no additional treatment is necessary for most patients. This single treatment allows the patient to return to work and normal daily activities almost immediately following surgery.
About iCAD, Inc.
iCAD, Inc. is an industry-leading provider of advanced image analysis and workflow solutions that enable healthcare professionals to better serve patients by identifying pathologies and pinpointing the most prevalent cancers earlier. iCAD offers a comprehensive range of high-performance, upgradeable Computer-Aided Detection (CAD) systems and workflow solutions for mammography, Magnetic Resonance Imaging (MRI) and Computed Tomography (CT). iCAD recently acquired Xoft, Inc., developer of the Axxent® eBx™ electronic brachytherapy system. Axxent uses non-radioactive miniaturized X-ray tube technology and is FDA-cleared for the treatment of early stage breast cancer, skin cancer and endometrial cancer. The Axxent System is also cleared for use in the treatment of other cancers or conditions where radiation therapy is indicated including Intraoperative Radiation Therapy (IORT). For more information, call (877) iCADnow or visit www.icadmed.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the Company’s ability to defend itself in litigation matters, the risks relating to the Company’s acquisition of Xoft including, the expected benefits of the acquisition may not be achieved in a timely manner, or at all; the Xoft business operations may not be successfully integrated with iCAD’s and iCAD may be unable to achieve the expected synergies, business and strategic objectives following the transaction, the risks of uncertainty of patent protection; the impact of supply and manufacturing constraints or difficulties; product market acceptance; possible technological obsolescence; increased competition; customer concentration; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe”, “demonstrate”, “intend”, “expect”, “estimate”, “anticipate”, “likely”, and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
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