EXCLUSIVE: Milestone Scientific Announces Favorable Medicare Pricing For CompuFlo Epidural System For Back Pain Covering Florida
Wednesday, First Coast Service Options Inc. (FCSO), a Jurisdictional Medicare Administrative Contractor (JMAC), has granted favorable Medicare Part B physician price assignment across Florida for use of Milestone Scientific Inc.’s (NYSE:MLSS) CompuFlo Epidural System under the American Medical Association’s technology-specific Category III CPT code CPT0777T (real-time pressure-sensing epidural guidance system when used in conjunction with a primary ESI procedure).
Milestone Scientific is a technology-focused medical research and development company that patents, designs, and develops injection technologies and instruments for medical and dental applications.
The company’s proprietary DPS Dynamic Pressure Sensing Technology provides a platform to advance the development of next-generation devices that regulate flow rate and monitor pressure from the tip of the needle through platform extensions involving subcutaneous drug delivery of local anesthetic.
Additionally, the company reports that it is making progress on its reimbursement strategy in additional JMAC regions.
An estimated 1.6 million epidural (ESI) steroid injection procedures are performed in Florida, which represents 18% of the total ESI procedures for chronic back pain in the U.S.
Additionally, Medicare represents 40% of the clinical practice volume, representing an initial addressable market of $125 million among Florida Medicare patients alone.
The FDA approved CompuFlo Epidural System, known for reducing the morbidity, pain, and discomfort associated with traditional epidural procedures, uses the company’s patented Dynamic Pressure Sensing technology.
In April, Milestone Scientific commenced selling CompuFlo Epidural disposables to the PRC Alliance Pain Relief Center in Ormond Beach, Florida.
PRC Alliance Pain Relief Centers operates seven offices and an ambulatory surgical center across Central Florida, with 15 providers.
In June, Milestone Scientific received regulatory approval from Brazil’s National Health Surveillance Agency (ANVISA) to market and sell its CompuFlo Epidural System.
The approval includes the lumbar, thoracic, and cervical-thoracic junction of the spine.
The company notes that independent market research shows an estimated 4-5 million epidural anesthesia procedures are performed annually.
Price Action: MLSS shares closed at $0.70 on Tuesday.