YARDLEY, Pa., March 07, 2016 (GLOBE NEWSWIRE) -- Alliqua BioMedical, Inc. (Nasdaq:ALQA) ("Alliqua" or "the Company"), a provider of advanced wound care products, today announced that Biovance® Human Amniotic Membrane Allograft is now eligible for coverage in the geographic regions covered by Wisconsin Physicians Service (“WPS”), a Medicare Administrative Contractor, or “MAC.”
WPS is one of eight MACs that are responsible for processing Medicare claims in one or more of twelve geographic areas, or “jurisdictions,” in the United States. In addition to processing claims, each MAC is also responsible for issuing local coverage determinations (“LCDs”) that specify which health care products and services are reimbursable through the Medicare Fee-for-Service program in the regions under its jurisdiction. WPS currently serves more than 140,000 providers and over 5.5 million Medicare beneficiaries in Jurisdiction 5 (which includes Iowa, Kansas, Missouri, and Nebraska) and Jurisdiction 8 (which includes Indiana and Michigan).
Effective March 1, 2016, WPS has retired their Local Coverage Decision (“LCD”) titled “Application of Bioengineered Skin Substitutes.” As a result Biovance®, Alliqua’s Human Amniotic Membrane Allograft, is eligible for reimbursement in the regions covered by WPS, for appropriate patients with lower extremity ulcer disease when medically necessary and established billing, coding and documentation guidelines are followed. As with any procedure, providers should contact their local Medicare contractor with questions concerning medical necessity.
“With the retirement of WPS’s Local Coverage Determination, the total potential for Medicare reimbursement for Biovance now includes a total of 4 MACs, representing approximately 61% of the total lives covered under Medicare in the U.S.,” said Nino Pionati, Chief Strategy and Marketing Officer of Alliqua. “We are pleased to announce this expansion of Medicare coverage and excited to be in a position to provide increased access to our Biovance Human Amniotic Membrane Allograft for Medicare patients suffering from chronic, non-healing lower extremity ulcers.”
About Alliqua BioMedical, Inc.
Alliqua is a provider of advanced wound care solutions, committed to restoring tissue and rebuilding lives. Through its sales and distribution network, together with its proprietary products, Alliqua provides a suite of technological solutions to enhance the wound care practitioner's ability to deal with the challenges of healing both chronic and acute wounds. Alliqua currently markets its line of dressings for wound care under the SilverSeal® and Hydress® brands, as well as the sorbion sachet S® and sorbion sana® wound care products, and its TheraBond 3D® advanced dressing which incorporates the TheraBond 3D® Antimicrobial Barrier Systems technology. The Company's Mist Therapy System® uses painless, noncontact low-frequency ultrasound to stimulate cells below the wound bed to promote the healing process. Alliqua also markets the human biologic wound care product Biovance®.
In addition, Alliqua can provide a custom manufacturing solution to partners in the medical device and cosmetics industry, utilizing its hydrogel technology. Alliqua's electron beam production process, located at its 16,500 square foot Good Manufacturing Practice (GMP) manufacturing facility, allows Alliqua to custom manufacture a wide variety of hydrogels. Alliqua's hydrogels can be customized for various transdermal applications to address market opportunities in the treatment of wounds as well as the delivery of numerous drugs or other agents for pharmaceutical and cosmetic industries. The Company has locations in Yardley, PA, Langhorne, PA and Eden Prairie, MN.
Legal Notice Regarding Forward-Looking Statements:
This release contains forward-looking statements. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of our control that can make such statements untrue, including, but not limited to, the adequacy of the Company’s liquidity to pursue its complete business objectives; inadequate capital; the Company’s ability to obtain reimbursement from third party payers for its products; loss or retirement of key executives; adverse economic conditions or intense competition; loss of a key customer or supplier; entry of new competitors and products; adverse federal, state and local government regulation; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; price increases for supplies and components; and the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K filed with the SEC, and our most recent Form 10-Q filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise.
Investor Relations: Westwicke Partners on behalf of Alliqua Biomedical, Inc. Mike Piccinino, CFA +1-443-213-0500 [email protected]