SOURCE: SensiVida Medical Technologies Inc.

SensiVida Medical Technologies Inc.

October 06, 2010 08:00 ET

SensiVida Medical Technologies, Inc. Announces Favorable Findings From Reimbursement Assessment of Its Allergy Test System

HENRIETTA, NY--(Marketwire - October 6, 2010) - SensiVida Medical Technologies Inc., (PINKSHEETS: SVMT), a developer and provider of minimally invasive diagnostic technologies and devices, announced today positive findings from a U.S. market reimbursement assessment for its Allergy Test System.

Scott Taylor Associates, Inc. (STA) was retained by SensiVida to perform a reimbursement assessment and determine how SensiVida can best obtain positive insurance coverage for its Allergy Test System. The primary objective of the evaluation was to gain an understanding of the key drivers that influence coverage decisions, product adoption, and ultimately patient access to SensiVida's technology for the diagnosis and treatment of allergies.

STA conducted in-depth telephone interviews with 15 private Payers -- the insurance companies that pay for allergy testing -- representing over 100 million covered individuals. While all of the Payers interviewed stated that the SensiVida Allergy Test System would be covered by their respective plans, there is no need to undergo the often lengthy coverage decision process since the SensiVida technology is considered an improvement over the current standard of care, the manual Skin Prick Test, and is merely a contracting issue with allergists. 

"For Payers to unanimously agree that the SensiVida Allergy Test System has surpassed the reimbursement hurdle is a critical component to ensure product adoption," said Scott Taylor, President of STA. "With no coverage or coding issues, SensiVida is free to commercialize its novel technology, once it receives FDA clearance, on its timeline," Taylor stated further.

The benefits the Payers expect to derive from SensiVida's Allergy Test System include more accurate allergy diagnosis, better-controlled treatment utilization and easier data tracking through electronic medical records. The benefits the Payers expect patients to see include: less pain, more accurate diagnosis, less time in the allergist's office and better-controlled allergies. All of the Payers interviewed believe that SensiVida's Allergy Test System is a better diagnostic solution that could supplant the current gold standard -- the manual Skin Prick Test.

"We are extremely encouraged by the findings of this report," said Margy Lydon, Chief Operating Officer of SensiVida Medical Technologies. "These results affirm our belief that our Allergy Test System will be beneficial not only to the Allergists and allergy patients but also to the Payers. Their acceptance of the Allergy Test System as a better tool for diagnosing allergies promises to ease the way for product adoption." 

About SensiVida Medical Technologies, Inc.

SensiVida is a developer and provider of minimally invasive diagnostic devices with proprietary, microsystems-based technology that automates bio-sensing and data acquisition while minimizing patient discomfort. The Company's optical-digital platform technology addresses a number of multi-billion dollar market opportunities: allergy testing, pain-free automated glucose monitors, blood coagulation testing, TB testing, cholesterol monitoring, and more.

SensiVida has an exclusive worldwide license to nine pending patents. In addition to the SensiVida allergy test, the product pipeline, based on the same microsystem and image processing technology, includes a portable glucose monitor. This device consists of a patch or chip having multiple, individually addressable sensors that are activated in accordance with the patient's test schedule, automatically recording the patient's glucose level without pain, bio-fouling or clogging. For more information about SensiVida, please visit www.sensividamedical.com

About Scott Taylor Associates, Inc.

STA is a healthcare consulting company that provides strategy, reimbursement, FDA/Quality, market research, business analysis and strategic planning support consulting to medical device, pharmaceutical, and diagnostic product clients worldwide. Additionally, STA provides call center support services, including technical and customer support, order processing, and product/literature fulfillment services to medical device companies.

Forward-Looking Statements:

Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the company's ability to implement its long range business plan for various applications of its technology; the company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the company's reports filed with the Securities and Exchange Commission. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. See the Company's most recent Quarterly Report on Form 10Q and related 8-K filings.

Contact Information

  • Company Contacts:
    Jose Mir
    President
    585-214-2407
    Email Contact

    David R. Smith
    Chairman of the Board
    585-230-5171
    Email Contact

    IR CONTACT
    Stanley Wunderlich
    Consulting For Strategic Growth 1, Ltd.
    880 Third Ave, 6th Floor
    New York NY 10022
    Telephone: (800) 625-2236 ext. 7770
    Fax: (646) 205-7771
    Email: Email Contact