Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has obtained insurance reimbursement for its PillCam Colon endoscopic capsule for the large intestine. The approval comes a week after the company announced that Germany's Ministry of Health will create an outpatient reimbursement code for the PillCam SB (small bowel) capsule endoscopy for obscure gastrointestinal bleeding.
The 2011 update of the reimbursement codes, published by Germany's Institut fuer das Entgeltsystem im Krankenhaus (INEK, Institute for Reimbursement in Hospitals) cover any publicly insured individual - 90% of Germany's population of over 80 million. Use of the PillCam Colon will be reimbursed for hospital procedures, including left-sided colitis with an incomplete colonoscopy.
Given Imaging obtained EU CE Mark certification of the PillCam Colon in 2009, and launched an educational effort in Europe last year. The company will also conduct additional trials of the device in Germany, elsewhere in Europe, and in the US, in order to expand data about the device and procedures.
Given Imaging president and CEO Homi Shamir said, "Germany is the first country to issue a reimbursement code for PillCam Colon capsule endoscopy, making this an important milestone for Given Imaging in its efforts to expand access to this new patient-friendly colon imaging technology." He added that the PillCam Colon could be an attractive alternative for those patients who are unable or refuse to get a colonoscopy.
Given Imaging's share price rose 0.9% on Nasdaq yesterday to $18.04, giving a market cap of $537 million, and rose 1.8% by mid-afternoon on the TASE today to NIS 67.74.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011