Innovus Pharma Receives Approval for Medicare Reimbursement for its GlucoGorx™ Blood Glucose Monitoring System and GlucoGorx™ Blood Glucose Test Strip Products
Innovus Pharmaceuticals, Inc. ("Innovus Pharma" or the “Company”) (OTCQB Venture Market: INNV), an emerging commercial-stage pharmaceutical company that delivers safe, innovative and effective over-the-counter medicine and consumer care products to improve men’s and women's health and respiratory diseases, announced today that its GlucoGorx™ Blood Glucose Monitoring System and GlucoGorx™ Blood Glucose Test Strip products have become eligible for Medicare reimbursement. Specifically, the two products have been approved as Healthcare Common Procedure Coding System (“HCPCS”) numbers E0607 and A4253 products respectively after review by the Pricing, Data Analysis, and Coding Contractor (“PDAC”) for the U.S. Centers for Medicare and Medicaid Services (“CMS”).
“We are delighted with the approval of our products, GlucoGorx™ Blood Glucose Monitoring System and GlucoGorx™ Blood Glucose Test Strips, to be eligible for reimbursement under Medicare,” said Dr. Bassam Damaj, the President and Chief Executive Officer of Innovus Pharma. “The Medicare reimbursement is a great validation of our product by this U.S. federal governmental authority and we believe this will open for us a new sales channel with hospitals and physicians and permit more customers to consider and purchase these products.”
The Company will begin working with multiple leading hospitals and other providers on potentially adding these products to their formularies and with certain high physician prescribers to start recommending these products to their patients.
About the GlucoGorx™ Glucose Monitor, Lancet and Test Strips
The GlucoGorx™ Kits are FDA-cleared tests for the monitoring of blood sugar levels in diabetics. The test has undergone clinical trials and the results can be seen by customers within four seconds.
According to a June 22, 2017 Research and Markets published report, "Glucose Monitoring Global Market – Forecast to 2023,” the Glucose Monitoring global market is forecasted to reach to $11.24 billion by 2023 and grow at single digit CAGR.
About Innovus Pharmaceuticals, Inc.
Headquartered in San Diego, Innovus Pharma is an emerging OTC consumer goods and specialty pharmaceutical company engaged in the commercialization, licensing and development of safe and effective non-prescription medicine and consumer care products to improve men’s and women’s health and vitality and respiratory diseases. Innovus Pharma delivers innovative and uniquely presented and packaged health solutions through its (a) OTC medicines and consumer and health products, which we market directly, (b) commercial partners to primary care physicians, urologists, gynecologists and therapists, and (c) directly to consumers through our on-line channels, retailers and wholesalers. The Company is dedicated to being a leader in developing and marketing new OTC and branded Abbreviated New Drug Application (“ANDA”) products. The Company is actively pursuing opportunities where existing prescription drugs have recently, or are expected to, change from prescription (or Rx) to OTC.
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Innovus Pharma's Forward-Looking Safe Harbor:
Statements under the Private Securities Litigation Reform Act, as amended: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, projected revenues from the sale of its GlucoGorx™ products, estimated market for its products, and statements about achieving its other development, growth, commercialization, financial and staffing objectives. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent filing on Form S-1, annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q and other filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.
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