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CorMedix Inc. Announces CMS Revision to NTAP Reimbursement of DefenCath
BERKELEY HEIGHTS, N.J., Nov. 07, 2022 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing
About this update from Cormedix Inc.
[{"type":"text","content":"BERKELEY HEIGHTS, N.J., Nov. 07, 2022 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases, today announced that the Center for Medicare & Medicaid Services (CMS) has published in the Federal Register a correction to the Hospital Inpatient Prospective Payment Systems for Acute Care Hospitals New Technology Add on Payment (NTAP) reimbursement of DefenCath, increasing the maximum reimbursement per average hospital visit from $4,387.50 to $14,259.38. The original NTAP calculation by CMS was based upon 3 vials of DefenCath being utilized for catheter lock during 3 sessions of dialysis. The revised NTAP reimbursement is based upon a longer duration of hospital stay in which an estimated average of 9.75 vials of DefenCath would be utilized. The NTAP reimbursement for DefenCath is calculated by CMS as 75% of the expected Wholesale Acquisition Cost (WAC) of the product, and is conditioned upon final approval of the DefenCath New Drug Application by the Food and Drug Administration (FDA) prior to July 1st of 2023. The company also announced today the recent submission of a duplicate NTAP application to CMS, intended to take effect should final approval of the DefenCath NDA by FDA occur after July 1st of 2023. Joe Todisco, CorMedix CEO stated “We are very pleased that CMS has taken the action to amend the upper limit of reimbursement for DefenCath. As the NTAP is specific to inpatient hospital utilization, adequate financial reimbursement of DefenCath in this setting is essential to incentivizing institutions to proactively address the critical unmet medical need posed by catheter related blood stream infections (CRBSIs) in catheterized hemodialysis patients. The inpatient hospital segment is plagued by not only significant incidence of CRBSIs, but high readmission rates for recurring CRBSIs, both of which lead to adverse patient outcomes, and adverse financial outcomes for hospitals and health systems.” About CorMedix CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases. The Company is focused on developing its lead product DefenCath™, a novel, a...