ATLANTA, GA--(Marketwired - Mar 13, 2017) - Medovex Corp. (NASDAQ: MDVX), a developer of medical technology products, today announced that the reimbursement authority in Germany has renewed reimbursement payment coding for the DenerveX™ System technology for the treatment of the Facet Joint Syndrome for 2017.
The renewed reimbursement coding, effective immediately, was released in the Diagnosis- Related Group (DRG) system in 2017 in Germany. This new coding allows for hospitals and outpatient centers to receive reimbursement for the use of the DenerveX System for the treatment of the Facet Joint Syndrome in the spine.
According to Manfred Sablowski, Senior Vice President Global Sales & Marketing of Medovex, "The renewal of the reimbursement code for 2017 in Germany will be a significant driver for our European launch preparation for the DenerveX System. Germany is often recognized as a leader in early clinical adoption of new and cost effective technologies, being on the forefront of establishing reimbursement guidelines, and with other countries often following its lead. Reimbursement is perhaps the most foundational element supporting adoption for a medical technology. It's for this reason, amongst others, that we are very pleased to again have successfully secured the codes issuance."
Sablowski continued, "We are encouraged that Germany provides reimbursement for our DenerveX System." Germany is ranked as one of the top healthcare systems globally based upon measurements of the overall level and distribution of health, responsiveness, and financial contribution to healthcare services."
The Company's patented DenerveX System, is not yet commercially available, is designed to provide longer lasting relief of pain associated with the facet joint. Lower back pain is the second most common cause of disability in the U.S. for adults. Studies indicate that 10% of the U.S. adult population suffers from lower back pain and that 31% of lower back pain is attributed to facet joint pain.
The DenerveX System consists of the DenerveX device, a single use device, and the DenerveX Pro-40 Power Generator. The DenerveX system is designed to provide a minimally invasive treatment option which combines two actions into one device.
DenerveX is not yet CE marked or FDA cleared.
Medovex was formed to acquire and develop a diversified portfolio of potentially ground breaking medical technology products. Criteria for selection include those products with potential for significant improvement in the quality of patient care combined with cost effectiveness. The Company's first pipeline product, the DenerveX device, is intended to provide long lasting relief from pain associated with facet joint syndrome at significantly less cost than currently available options. To learn more about Medovex Corp., visit www.medovex.com.
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