Renalytix AI PLC CMS Pricing Determination becomes effective
03 Gennaio 2020 - 08:00AM
RNS Non-Regulatory
TIDMRENX
Renalytix AI PLC
03 January 2020
3 January 2020
Renalytix AI plc
("RenalytixAI", the "Company" or the "Group")
CMS Pricing Determination becomes effective
Renalytix AI plc (AIM: RENX), a developer of artificial
intelligence enabled clinical diagnostics for kidney disease,
announces that that the national price for KidneyIntelX(TM) set by
the Centers for Medicare and Medicaid Services ("CMS") became
effective as of 1 January 2020. This establishes a national price
of $950 for the test for Medicare patients and is effective until
December 2022.
This announcement follows the publication of the final 2020
Clinical Laboratory Fee Schedule ("CLFS") by CMS, announced by the
Company on 3 December 2019 (RNS: 4621V). For patients covered by
Medicare the national price paid for outpatient laboratory testing
is established through the CLFS process. Each year, new laboratory
test codes are added to the CLFS and pricing is developed through a
public comment process and review and finalisation by CMS. The
pricing for tests like KidneyIntelX(TM) is set for a three-year
period. At the end of that time, the price will be reset based on
an average of reported private payor payments for the test or
laboratory service. If the calculated average price would result in
a reduction in the price paid for KidneyIntelX(TM) for Medicare
patients, the decrease will be capped at no more than 15%.
Leveraging the validation associated with a national price
established by Medicare, the Company is pursuing coverage
determinations in 2020 and 2021 to ensure KidneyIntelX(TM) is
available to patients with public and private health insurance
coverage throughout the United States.
The person responsible for arranging the release of this
announcement on behalf of the Company is James McCullough, CEO.
For further information, please contact:
Renalytix AI plc www.renalytixai.com
James McCullough, CEO Via Walbrook PR
Stifel (Nominated Adviser & Joint Broker) Tel: 020 7710 7600
Alex Price / Jonathan Senior / Ben Maddison
N+1 Singer (Joint Broker) Tel: 020 7496 3000
Aubrey Powell / George Tzimas (Corporate Finance)
Tom Salvesen / Mia Gardner (Corporate Broking)
Walbrook PR Limited Tel: 020 7933 8780 or renalytix@walbrookpr.com
Paul McManus / Lianne Cawthorne Mob: 07980 541 893 / 07584 391
303
About Kidney Disease
Kidney disease is now recognised as a public health epidemic
affecting over 850 million people globally. The Centers for Disease
Control estimates there that 15% of United States adults or 37
million people currently have chronic kidney disease. It is
reported that 9 out of 10 adults with CKD do not know they have it
and 1 out of 2 people with very low kidney function who are not on
dialysis do not know they have CKD*. Kidney disease is referred to
as a "silent killer" because it often has no symptoms and can go
undetected until a very advanced stage. Each year kidney disease
kills more people than breast and prostate cancer. Every day 13
patients die in the United States while waiting for a kidney
transplant.
*
https://www.cdc.gov/kidneydisease/publications-resources/2019-national-facts.html
About RenalytixAI
RenalytixAI is a developer of artificial intelligence-enabled
clinical in vitro diagnostic solutions for kidney disease, one of
the most common and costly chronic medical conditions globally. The
Company's products are being designed to make significant
improvements in kidney disease diagnosis, transplant management,
clinical care, patient stratification for drug clinical trials, and
drug target discovery.
For more information, visit renalytixai.com
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END
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