Gastrointestinal diagnostics firm Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) announced that National Government Services (NGS) has issued a new coverage policy for cirrhotic patients for the evaluation of esophageal varices using capsule endoscopy of the esophagus.
NGS is the Medicare Part B carrier serving more than 6 million individuals in New York, New Jersey, Kentucky, and Indiana.
The policy will become effective December 1, 2007. With the addition of the NGS coverage policy to the existing coverage policies, more than 13 million beneficiaries in the United States could have access to PillCam ESO.
Douglas T. Dieterich, M.D., Professor of Medicine, Liver Diseases, Director, Continuing Medical Education, Department of Medicine, Mount Sinai School of Medicine, New York City, said, "Esophageal varices are a major complication of liver cirrhosis and are associated with a rate of mortality of 20%.
Varices are varicose veins that occur in the esophagus as a result of portal hypertension, which is a symptom of cirrhosis. The increased pressure within esophageal varices makes them susceptible to rupture and bleeding. Approximately 360 of every 100,000 Americans have cirrhosis, and gastroesophageal varices are present in 40-60% of these patients.
The company also announced that NGS has added coverage for PillCam SB for the detection of small bowel tumors, evaluation of malabsorption syndrome, and small bowel evaluation prior to a small bowel surgical resection to control loss of blood or protein.
PillCam ESO contains imaging devices and light sources at both ends of the capsule that capture a total of up to 2,600 color images, as it passes down the esophagus in a twenty minute procedure.
Given Imaging develops, produces, and markets innovative products for detecting gastrointestinal disorders. The company's Pillcam platform features primarily the PillCam video capsule, a disposable, miniature video camera contained in a capsule, which is ingested by the patient, and data recorder.
Yokneam-based Given closed Friday at $30.02 in Nasdaq trading, granting the firm a market cap of $872.3 million. Over the past year, its share price has ranged from $18.96 to $32.80.
Published by Globes [online], Israel business news - www.globes.co.il - on October 14, 2007
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