Celularity Inc. (NASDAQ:CELU) ("Celularity"), a regenerative medicine company developing placental-derived allogeneic cell therapies and advanced biomaterial products, today announced that the U.S. Centers for Medicare & Medicaid Services (CMS) has granted a Healthcare Common Procedure Coding System (HCPCS) Q code for Biovance 3L, a tri-layer allograft derived from placental tissue intended for use as a biological membrane covering barrier or wrap that acts as a scaffold for restoration of functional tissue in partial- and full-thickness, acute and chronic wounds. The designated HCPCS Q code is Q4283 and is available starting April 1, 2024.
"The HCPCS Q code approval by CMS further recognizes Biovance 3L as an important therapeutic option for the treatment of wounds," said Dr. Robert J. Hariri, M.D., Ph.D., Celularity CEO, chairman and founder. "The medical community has been rapidly adopting this product, and the HCPCS Q code approval paves the way for Biovance 3L to realize additional growth, enabling the potential to impact more lives. As one of our leading biomaterial products, we are excited about the potential impact this approval may have on Celularity's performance throughout the remainder of 2024 and beyond. We will continue to innovate in this important part of our business and look forward to providing future updates."
The Healthcare Common Procedure Coding System (HCPCS) is produced by the Centers for Medicare and Medicaid Services (CMS). HCPCS is a group of standardized codes that represent medical procedures, supplies, products, and services. The codes are used to facilitate the processing of health insurance claims by Medicare and other insurers. The Q codes are established to identify drugs, biologicals, and medical equipment or services not identified by national HCPCS Level II codes but for which codes are needed for Medicare claims processing. HCPCS code modifiers are established internally by CMS to facilitate accurate Medicare claims processing.
Biovance 3L's unique tri-layer membrane construction is designed for improved handling and ease of use as a covering, barrier, or wrap to surgical sites. The three-dimensional design provides more surface area, allows for suturing as required, and serves as a cell-friendly structure that promotes cell attachment within hours.