Shares of EyePoint Pharmaceuticals Inc (NASDAQ:EYPT) climbed Thursday after the specialty biopharmaceutical company said Medicare reimbursement has been established for its DEXYCU eye drop.
In February this year, DEXYCU was approved by the US Food and Drug Administration for the treatment of postoperative inflammation that is administered as a single intraocular dose at the end of eye surgery.
The reimbursement code, C9034, will become effective on October 1.
Shares of EyePoint were up 7.5% to US$2.28.
“The receipt of pass-through status and the assignment of a C-code from Centers for Medicare and Medicaid Services marks another important step forward in our commercialization preparation for DEXYCU,” EyePoint Pharmaceuticals CEO Nancy Lurker said in a statement released Wednesday.
The Watertown, Massachusetts-based company said it was hiring and scaling up initiatives ahead of its commercial launch in the first half of 2019.
“We believe DEXYCU has the potential to address the unmet need and limitations of steroid drops, the current standard of care available for patients to treat inflammation following eye surgery, by providing DEXYCU as a convenient and long-acting single injection alternative therapy,” said Lurker.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
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