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$Neuraxis(NRXS.US$ NeurAxis Announces New Medical Policy Coverage For Nearly Six Million Lives in Florida Globe Newswire 16-May-2024 9:00 AM CARMEL, Ind., May 16, 2024 (GLOBE NEWSWIRE) -- NeurAxis, Inc. ("NeurAxis," or the "Company") (NYSE:NRXS), a medical technology company commercializing neuromodulation therapies addressing chronic and debilitating conditions in children and adults, today announced the publication of medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS), with a Blue Cross Blue Shield (BCBS) licensee in Florida. This BCBS licensee has nearly 6 million members, expanding IB-Stim's policy coverage to roughly 22.5 million total lives. IB-Stim™ is a non-surgical device that sends gentle electrical impulses into cranial nerve bundles in the ear. NeurAxis' PENFS technology is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents 11-18 years old. There are currently no FDA-approved drug therapies for children with abdominal pain-related disorders of the gut-brain interaction. The current medical treatments, which are off-label drugs, can often have serious side effects, and most lack scientific evidence of efficacy. "I am excited regarding the coverage expansion in the state of Florida, where there are 12 children's hospitals, many of whom are ready to either expand or launch the use of IB-Stim with this new policy coverage." said Brian Carrico, President and Chief Executive Officer of NeurAxis. "We continue to make progress on our commercialization strategy goals for IB-Stim by increasing payer coverage to drive market adoption of our technology. The proof of concept of our strategy is becoming apparent, as we are now seeing the expansion of policies and covered lives translating to revenue growth," Mr. Carrico concluded.
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