Second Sight Medical wins expanded CMS coverage for Argus II

Second Sight Medical (NSDQ:EYES) said today its Argus II retinal prosthesis system won expanded reimbursement coverage from the Centers for Medicare and Medicaid Services in 11 additional states and the District of Columbia.

With the expansion, the Sylmar, Calif.-based company said it’s Argus II device is now reimbursable in 7 of the 12 Medicare Administrative Contractor jurisdictions, covering the device in a total of 28 states, 2 territories and D.C.

The Argus II induces visual perception in blind patients with retinitis pigmentosa by stimulating of the retina’s remaining cells with electrical pulses, which allows for the perception of light patterns to the brain, the company said.

Second Sight said that MAC Novitas Solutions published a local coverage determination authorizing coverage of the Argus II, when medically necessary, to beneficiaries in Arkansas, Colorado, Delaware, Louisiana, Maryland, Mississippi, New Jersey, New Mexico, Oklahoma, Pennsylvania, Texas and D.C.

“We are pleased that Novitas has made this important decision to facilitate coverage of the Argus II, which we believe will enable us to offer greater access to patients with Retinitis Pigmentosa and continue to fulfill our mission of providing useful vision to the blind,” prez & CEO Will McGuire said in a press release.

The company said it is continuing to work with other MACs and payers as it seeks further coverage for the device.

In March, Second Sight said it closed a previously announced rights offering, retaining approximately $20.1 million with proceeds slated to support development and improvement of its Argus II retinal prosthesis.

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