CTE - still on sale has a PR this morning.
CardioTech's AlgiMed(TM) Dressing Receives Approval for Medicare Reimbursement
PR Newswire - April 28, 2004 08:30
WOBURN, Mass., Apr 28, 2004 /PRNewswire-FirstCall via COMTEX/ -- CardioTech International, Inc. (Amex: CTE) today announced that on April 6, 2004 the Centers for Medicare and Medicaid Services (CMS) granted AlgiMed a Medicare billing code A6196 described as "alginate dressing, wound cover, pad size 16 sq. in or less." This approval enables CardioTech customers to be reimbursed by Medicare for the use of AlgiMed wound dressings.
Advanced wound care is a $1.5 billion market consisting of specialized dressings to treat serious wounds employing the principle of moist wound healing. By maintaining a moist wound-healing environment wounds have been shown to heal faster, with reduced pain and minimal scarring.
AlgiMed wound dressings are designed for exudating and bleeding wounds. The dressing absorbs wound exudate almost instantaneously, and helps control minor bleeding. AlgiMed is a sterile wound dressing made of calcium alginate. When the dressing comes in contact with blood, calcium (a potent procoagulant) is released, thus stopping bleeding. AlgiMed complements HydroMed in the wound care continuum. CardioTech's other wound dressing, HydroMed is an absorbent hydrogel dressing designed for low exudating wounds, while AlgiMed is an alginate dressing designed for moderately exudating and bleeding wounds.
AlgiMed will be distributed by CardioTech through its own warehouse facilities in Massachusetts and California. The dressings will be sold through sales representatives in the U.S., and by national distributors overseas.
Dr. Michael Szycher, CEO and Chairman of CardioTech, commented: "We now have Medicare reimbursement for our HydroMed and AlgiMed wound dressings. Medicare reimbursement is critical to our overall sales strategy and puts us in advantageous position as we prepare to execute orders in the U.S. market."
About CardioTech:
CardioTech develops, manufactures and markets differentiated medical devices. Revenue sources include devices used in cardiopulmonary bypass (heart-lung), and OEM products manufactured for Fortune 100 companies. CardioTech's wound dressings address a combined $600 million annual market. CardioTech is the only company in the world developing a synthetic coronary artery bypass graft that addresses a potential market of $1.5 billion annually. Additionally, CardioTech has partnered with Implant Sciences and CorNova to develop a drug-eluting stent that addresses a $1 billion market.
CardioTech believes that this release contains forward-looking statements that are subject to risks and uncertainties. Such statements are based on management's current expectations and are subject to facts that could cause results to differ materially from the forward-looking statements. For further information you are encouraged to review CardioTech's filings with the Securities and Exchange Commission. |
