CAMBRIDGE, Mass.--(BUSINESS WIRE)--Myomo, Inc. (NYSE American: MYO) (“Myomo,” or the “Company”), a wearable medical robotics company, announces that the Centers for Medicare & Medicaid Services ("CMS") has published two new codes pursuant to the Company’s application for Healthcare Common Procedure Coding System (HCPCS) “L” codes. Myomo had filed its application in December 2017 to have CMS establish two new Level II HCPCS codes and received a favorable preliminary decision in May.
The two new codes are:
- L8701 Powered upper extremity range of motion assist device, elbow, wrist, hand with single or double upright(s), includes microprocessor, sensors, all components and accessories, custom fabricated
- L8702 Powered upper extremity range of motion assist device, elbow, wrist, hand, finger, single or double upright(s), includes microprocessor, sensors, all components and accessories, custom fabricated
The codes cover MyoPro Motion E and W (elbow and wrist) and MyoPro Motion G (grasp) correspondingly.
"We are very grateful to CMS and the whole HCPCS Workgroup for their decision to assign L codes for our MyoPro line of powered orthoses," said Myomo Chief Medical Officer Dr. Brandon Green. "The MyoPro has already helped so many patients with neurological/neuromuscular injury and illness by supporting their weakened arms, restoring control over their range of motion, reducing their healthcare costs, and giving them back their independence. It is important for clinically qualified Medicare and Medicaid beneficiaries to have access to this technology too”.
The codes become effective January 1, 2019. The assignment of unique L-codes, if followed by appropriate coverage and payment terms (which are still pending), would offer greater access to MyoPro for Medicare beneficiaries.
The posting of all HCPCS codes for 2019 can be viewed on the CMS site: https://www.cms.gov/Medicare/Coding/HCPCSReleaseCodeSets/Alpha-Numeric-HCPCS-Items/2019-Alpha-Numeric-HCPCS-File.html
About Myomo
Myomo, Inc. is a wearable medical robotics
company that offers expanded mobility for those suffering from
neurological disorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb orthosis
designed to support the arm and restore function to the weakened or
paralyzed arms of patients suffering from CVA stroke, brachial plexus
injury, traumatic brain or spinal cord injury, ALS or other
neuromuscular disease or injury. It is currently the only marketed
device that, sensing a patient’s own EMG signals through non-invasive
sensors on the arm, can restore an individual’s ability to perform
activities of daily living, including feeding themselves, carrying
objects and doing household tasks. Many are able to return to work, live
independently and reduce their cost of care. Myomo is headquartered in
Cambridge, Massachusetts, with sales and clinical professionals across
the U.S. For more information, please visit www.myomo.com.
Forward-Looking Statements
This press release contains
forward-looking statements regarding the Company's future business
expectations, including statements regarding the potential benefits for
MyoPro users, the effective date of the new HCPCS codes, and the
potential for greater access to MyoPro for Medicare beneficiaries, which
are subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are only
predictions and may differ materially from actual results due to a
variety of factors. Our actual results could differ materially from
those anticipated in these forward looking statements for many reasons,
including, without limitation, risks related to regulatory approval and
market acceptance of our products, including that there can be no
assurance that receipt of these HCPCS codes would result in appropriate
coverage and payment terms or otherwise lead to any greater access to
our products or reimbursement for such products, and the other risk
factors contained in our filings made with the Securities and Exchange
Commission. More information about factors that potentially could affect
Myomo's financial results is included in Myomo's filings with
the Securities and Exchange Commission. The Company cautions readers not
to place undue reliance on any such forward-looking statements, which
speak only as of the date made. The Company disclaims any obligation
subsequently to revise any forward-looking statements to reflect events
or circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
