Cyberonics (cybx) epilepsy therapy recommonded Message Board

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Biotech / Medical : Cyberonics (cybx) epilepsy therapy recommonded

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To: keokalani'nui who wrote (456)	8/9/2006 7:24:54 AM
From: mopgcw	of 471

the hits keep coming... Blue Cross rejection sends Cyberonics stock tumbling Tuesday August 8, 5:08 pm ET Cyberonics Inc.'s stock slid by 4 percent on Tuesday after the Blue Cross Blue Shield Association rejected an appeal by the company to pay for its depression device. Information presented by Cyberonics contained "nothing new," according to a Reuters report citing Naomi Aronson, executive director of the technology evaluation center at Blue Cross Blue Shield, the trade association for 38 independently owned Blue Cross health insurance plans. Calls to Aronson by the Houston Business Journal were not immediately returned. Many of the major insurance carriers have resisted providing reimbursement for Cyberonics' Vagus Nerve Stimulator as a treatment for depression. In April, Aetna Inc. declined coverage of the device. Such rejections come as a big blow to the company, which has been struggling since last summer to convince insurers to cover the device for patients. Cyberonics' implantable, pacemaker-like device was approved in 1997 to deliver vagus nerve stimulation, or VNS, therapy to epilepsy patients. Last summer, Cyberonics received long-awaited approval from the U.S. Food and Drug Administration to market the apparatus to treat depression. Aronson said the association will post its decision on its Web site within the next few weeks, according to Reuters. On Aug. 1, Cyberonics' (NASDAQ:CYBX - News) shares plummeted to a new 52-week low of $14.70 after the company announced that it had received a Nasdaq letter addressing possible delisting from the stock exchange for non-compliance. The activity came despite the company's projection for higher first-quarter sales. Cyberonics' stock closed down 4 percent Tuesday afternoon to $15.80, far from a 52-week-high of $40.69. Published August 8, 2006 by the Houston Business Journal

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