STRATA Skin Sciences Announces: Expanding Medical Coverage for Excimer Laser Treatment of Dermatological Conditions, Enlargin...
19 October 2020 - 11:00PM
(NASDAQ: SSKN) STRATA Skin Sciences, Inc. (“STRATA”), a medical
technology company in Dermatology and Plastic Surgery dedicated to
developing, commercializing and marketing innovative products for
the treatment of dermatologic conditions, today announced that
Cigna, a global health services company offering health, pharmacy,
dental and Medicare plans to both individuals and businesses
covering over 20 million people in the United States, issued a new
medical coverage policy for excimer laser therapy for dermatologic
conditions.
Medical Coverage Policy Highlights:
- An initial regimen for up to 12
weeks of office-based targeted excimer laser therapy is considered
medically necessary for the treatment of localized vitiligo after
failure, intolerance or contraindications of trials with a topical
corticosteroid and calcineurin inhibitor.
- Continued office-based targeted
excimer laser therapy beyond the initial 12 weeks and for up to 52
weeks is considered medically necessary for the treatment of
localized or generalized vitiligo when there is a beneficial
clinical response to treatment.
- Continued office-based targeted
excimer laser therapy beyond the initial 52 weeks and for up to and
including 200 total treatments is considered medically necessary
for the treatment of localized or generalized vitiligo when there
is continued beneficial clinical response.
- Previously, Cigna did not cover
excimer laser therapy for the treatment of localized or generalized
vitiligo because such treatment was considered cosmetic and not
medically necessary.
Average reimbursement to the physician is
approximately $189 per treatment or approximately $38,000 per
patient over 52 weeks of treatment. Prior to this decision by
Cigna, 76% of the patients handled by the STRATA reimbursement team
had vitiligo as a covered insurance benefit.
Vitiligo patient population is 1-2% of the U.S.
population, with darker skinned patients affected more severely
from this potentially traumatic condition.
Dr. Jeffery A. Rapaport, Board Certified
Dermatologist and the Medical Director and Founder of the Cosmetic
Skin and Surgery Center in Englewood, New Jersey stated, “I want to
congratulate Cigna on recognizing the needs of the Black and Brown
community and treating this devastating condition. We have used
XTRAC to successfully treat skin conditions for over 10 years.” Dr.
Rapaport further commented, “XTRAC is one of the best solutions for
vitiligo patients and does not suppress the immune system.”
“We are very pleased that the XTRAC treatment of
vitiligo has been accepted as medically necessary by Cigna and look
forward to reaching out to the medical community and vitiligo
sufferers nationwide to inform them of this good news. Expanding
insurance coverage for the relevant patient population enhances the
XTRAC value for the partner physicians and increases our
addressable market,” said Dr. Dolev Rafaeli, President and Chief
Executive Officer of STRATA. “In addition, Cigna, in their medical
coverage policy, notes XTRAC as the only excimer laser available in
the United States. Strata is proud to be the sole licensee of a set
of vitiligo use related patents issued by the Mount Sinai
Hospital.”
The link to the new medical coverage policy can
be found here.
About STRATA Skin Sciences,
Inc.STRATA Skin Sciences is a medical technology company
in Dermatology and Plastic Surgery dedicated to developing,
commercializing and marketing innovative products for the treatment
of dermatologic conditions. Its products include the XTRAC excimer
laser and VTRAC lamp systems utilized in the treatment of
psoriasis, vitiligo and various other skin conditions.
The Company’s proprietary XTRAC® excimer laser
delivers a highly targeted therapeutic beam of UVB light to treat
psoriasis, vitiligo, eczema, atopic dermatitis and leukoderma
diseases which impact over 35 million patients in the United States
alone. The technology is covered by multiple patents, including
exclusive rights for patents for the delivery of treatment to
vitiligo patients.
STRATA’s unique business model leverages
targeted Direct to Consumer (DTC) advertising to generate awareness
and utilizes its in-house call center and insurance advocacy teams
to increase volume for the Company’s partner dermatology
clinics.
The XTRAC business has used this proven DTC
model to grow its domestic dermatology partner network to over 789
clinics, with a worldwide installed base of over 2,000 devices. The
Company is able to offer 90% of DTC patients an introduction to
physicians prescribing a reimbursable solution, using XTRAC, within
a 10-mile radius of their house. The Company is a leader in
dermatology in-clinic business generation for its partners.
Safe Harbor
This press release includes "forward-looking
statements" within the meaning of the Securities Litigation Reform
Act of 1995. These statements include but are not limited to the
Company’s plans, objectives, expectations and intentions and may
contain words such as “will,” “may,” “seeks,” and “expects,” that
suggest future events or trends. These statements, the Company’s
ability to generate the growth in its core business, develop and
grow an international recurring business model, the Company’s
ability to develop social media marketing campaigns, and the
Company’s ability to build a leading franchise in dermatology and
aesthetics, are based on the Company’s current expectations and are
inherently subject to significant uncertainties and changes in
circumstances. Actual results may differ materially from the
Company’s expectations due to financial, economic, business,
competitive, market, regulatory, adverse market conditions or
supply chain interruptions resulting from the corona virus and
political factors or conditions affecting the Company and the
medical device industry in general, as well as more specific risks
and uncertainties set forth in the Company’s SEC reports on Forms
10-Q and 10-K. Given such uncertainties, any or all these
forward-looking statements may prove to be incorrect or unreliable.
The statements in this press release are made as of the date of
this press release, even if subsequently made available by the
Company on its website or otherwise. The Company does not undertake
any obligation to update or revise these statements to reflect
events or circumstances occurring after the date of this press
release. The Company urges investors to carefully review its SEC
disclosures available at www.sec.gov and
www.strataskinsciences.com.
Investor Contacts:
Matthew Hill, Chief Financial
Officer |
|
|
STRATA Skin Sciences,
Inc. |
|
|
215-619-3200 |
|
|
ir@strataskin.com |
|
|
Strata Skin Sciences (NASDAQ:SSKN)
Historical Stock Chart
From Apr 2024 to May 2024
Strata Skin Sciences (NASDAQ:SSKN)
Historical Stock Chart
From May 2023 to May 2024