November 7, 2007
Medicare Sets Physician Payment Rate for Percutaneous Kidney Cryoablation
IRVINE, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Endocare, Inc. , an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation, announced that the Centers for Medicare and Medicaid Services (CMS) have accepted the recommendation received from the American Medical Association's (AMA) Specialty Society Relative Value Update Committee (RUC) and created a clinical reimbursement code and rate for percutaneous renal cryoablation. The new rate will go into effect January 1, 2008.
The new code is CPT 50593 which will be paid an adjusted average in the $440 range and is the first time there is a specific code and reimbursement rate for this procedure. Percutaneous renal cryoablation is a minimally invasive procedure that allows physicians to destroy small tumors in the kidney by inserting a probe directly through the skin and freezing the cancerous tissue.
Endocare Chairman, CEO and President Craig T. Davenport said: "This represents a significant milestone for Endocare and for cryoablation as a cancer therapy. Recent data showing the safety and effectiveness of renal cryoablation have made a positive impression on the American Medical Association Committee that establishes clinical CPT codes. The new renal cryoablation reimbursement rate, paid at a higher rate than other percutaneous ablation modalities, provides patients and their physicians with a powerful new option when choosing a therapy to treat a dangerous disease."
Endocare, Inc. -- http://www.endocare.com/ -- is an innovative medical device company providing minimally invasive technologies for tissue and tumor ablation. Endocare has initially concentrated on developing technologies for the treatment of prostate cancer and believes that its proprietary technologies have broad applications across a number of markets, including the ablation of tumors in the kidney, lung and liver and palliative intervention (treatment of pain associated with metastases).
Statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties, including, without limitation, the effects of the new CPT code described above. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to, the following items: the Company may incur significant expenses in the future as a result of the Company's obligation to pay legal fees for and otherwise indemnify former officers and former directors in connection with the ongoing investigation and legal proceedings involving them; the Company has a limited operating history with significant losses and losses may continue in the future; the Company may require additional financing to sustain its operations and without it the Company may not be able to continue operations; the sale of the Company's common stock to Fusion Capital may cause dilution, and the sale of the shares of common stock acquired by Fusion Capital or Frazier Healthcare Ventures could cause the price of the Company's common stock to decline; the Company's business may be materially and adversely impacted by the loss of the Company's largest customer or the reduction, delay or cancellation of orders from this customer or if this customer delays payment or fails to make payment; the Company may be required to make state and local tax payments that exceed the Company's settlement estimates; uncertainty relating to third party reimbursement; uncertainty regarding the ability to convince health care professionals and third party payers of the medical and economic benefits of the Company's products; the risk that intense competition and rapid technological and industry change may make it more difficult for the Company to achieve significant market penetration; and uncertainty regarding the ability to secure and protect intellectual property rights relating to the Company's technology. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligation to revise, or update publicly, any forward- looking statements for any reason.
Investor Contact: Media Contact: For Additional Information: Matt Clawson Len Hall Craig T. Davenport, CEO Allen & Caron, Inc. Allen & Caron, Inc. Michael R. Rodriguez, CFO (949) 474-4300 (949) 474-4300 Endocare, Inc. [email protected] [email protected] (949) 450-5400
CONTACT: Investors, Matt Clawson, +1-949-474-4300, [email protected],or Media, Len Hall, +1-949-474-4300, [email protected], both of Allen &Caron, Inc.; or Craig T. Davenport, CEO, or Michael R. Rodriguez, CFO, both ofEndocare, Inc., +1-949-450-5400
Web site: http://www.endocare.com/