Q BioMed Inc (OTCQB:QBIO) announced Thursday that the Centers for Medicare and Medicaid Services (CMS) updated the reimbursement rate for its metastatic bone pain drug Strontium89, making it more easily available to Medicare patients.
The change came as part of CMS’ first quarter update of the Outpatient Prospective Payment System (OPPS) on January 3.
While Strontium89 has been appropriately reimbursed in the free standing clinic setting since launch, the company said, it was under-reimbursed in the hospital outpatient setting where many patients receive treatment. With the CMS update, all Medicare providers are now able to be reimbursed appropriately for providing Strontium89 treatment.
READ: Q BioMed expects Strontium89 revenue to ramp up during 2021 along with several other milestones
"Q BioMed is energized by this important reimbursement milestone as part of the ongoing Strontium89 launch,” CEO Denis Corin said in a statement. “We are now able to meet the needs of patients being treated across different care settings and ensure all qualified patients have the ability to choose treatment with Strontium89. We are confident that this will enable us to engage with hospitals and providers throughout the US and we'll see increasing use of Strontium89."
In a pivotal trial, as many as 79% of patients had pain relief with Strontium89, the company said, and twice as many patients treated with Strontium89 had no pain for three months compared with placebo. The drug is administered once every three months via injection, and patients can be re-treated if needed.
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