WALTHAM, Mass., Sept. 30, 2013 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD) announced today that the Centers for Medicare and Medicaid Services (CMS) have made a preliminary decision to set the Medicare payment rate for the Company's BGM Galectin-3® test at the amount of a cross walked test whose 2013 national limitation amount is $30.24, subject to a final determination by CMS by year-end 2013. The new payment rate, if finalized, will replace the BGM Galectin-3® test's national limitation amount of $17.80 that was effective in 2013.
"We are very pleased that CMS agreed to reconsider the payment rate for our BGM Galectin-3 test," said Dr. Paul R. Sohmer, President and Chief Executive Officer of BG Medicine. "We believe that the revised payment rate more appropriately reflects the value of this important diagnostic test."
This preliminary determination by CMS comes in response to BG Medicine's request for reconsideration of the 2013 CMS determination. The BGM Galectin-3 test is a novel test, which is cleared by the U.S. Food and Drug Administration as an aid in assessing the prognosis of patients with chronic heart failure.
"We believe that the BGM Galectin-3 test provides a critical tool for physicians and other healthcare providers who make decisions regarding the care of patients with chronic heart failure," Dr. Sohmer added. "The identification of chronic heart failure patients, who are at greater risk of near term adverse events, should enable hospitals and physicians to better direct their patient management strategies and resources to those who need them most."
The BGM Galectin-3 test has been studied in over 10,000 patients, across dozens of distinct clinical studies. Earlier in 2013, BG Medicine announced inclusion of Galectin-3 as biomarker of Myocardial Fibrosis in the 2013 ACCF/AHA Guideline for Management of Heart Failure.
The 2014 payment rate is subject to overall adjustments to the Clinical Laboratory Fee Schedule for 2014, including Consumer Price Index (CPI) and productivity adjustments, and a 1.75% reduction mandated under the Affordable Care Act. In addition, the payment is expected to be subject to a 2% sequestration applicable to Medicare services.
About BG Medicine, Inc.
BG Medicine, Inc. (Nasdaq:BGMD) is a commercial stage company that is focused on the development and delivery of diagnostic solutions to aid in the clinical management of heart failure and related disorders. For additional information about BG Medicine, heart failure and galectin-3 testing, please visit www.bg-medicine.com. The BG Medicine Inc. logo is available for download here
Forward Looking Statements
Certain statements made in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this news release address our understanding that the CMS rate is a preliminary rate at this time; our belief that the preliminary rate will become effective on January 1, 2014; our belief that the preliminary 2014 CMS payment rate more appropriately reflects the value of the BGM Galectin-3 test; and our belief that the BGM Galectin-3 test provides a critical tool for physicians who make decisions regarding the care of patients with chronic heart failure. Forward-looking statements are based on management's current expectations and involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our recent filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
CONTACT: BG-Medicine Investor Inquiries: Chuck Abdalian, EVP & Chief Financial Officer, (781) 434-0210 BG Medicine, Inc.
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