WILMINGTON, N.C., Feb. 11, 2013 (GLOBE NEWSWIRE) -- TranS1 Inc. (Nasdaq:TSON), a medical device company focused on designing, developing and marketing products to treat degenerative conditions of the spine affecting the lumbar region, announced today that the company estimates that the total number of commercial and Federal Government lives covered for pre-sacral interbody fusion now exceeds 50 million, a significant milestone for pre-sacral interbody fusion coverage utilizing its proprietary AxiaLIF® implant. In addition, Medicare represents another 50 million covered lives divided into 15 different jurisdictions that typically cover Category I Codes that have assigned dollar values. CPT Code 22586, utilized for pre-sacral interbody fusion, was assigned a value by Medicare in November 2012.
"We are pleased to see the acceptance of the pre-sacral interbody fusion procedure in the payor community within the first six weeks of this year. This trend is a reflection of the strong clinical evidence and the growing interest for the procedure within the spine surgery community," stated Ken Reali, TranS1's President and CEO. A list of payors currently covering the procedure is available on TranS1's website.
About TranS1 Inc.
TranS1 is a medical device company focused on designing, developing and marketing products to treat degenerative conditions of the spine affecting the lumbar region. TranS1 currently markets the AxiaLIF® family of products for single and multilevel lumbar fusion, the VEOTM lateral access and interbody fusion system, and the VectreTM posterior fixation system for lumbar fixation supplemental to AxiaLIF fusion. TranS1 was founded in May 2000 and is headquartered in Wilmington, North Carolina. For more information, visit www.trans1.com.
Forward Looking Statements
This press release includes statements relating to our efforts to gain favorable coverage decisions for our products that are based on our current beliefs and assumptions. These statements constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, the pace of adoption of our product technology by spine surgeons, the outcome of coverage and reimbursement decisions by the government and third party payors, the success of our continuing product development efforts, the effect on our business of existing and new regulatory requirements and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with TranS1's business, please review the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011. You are cautioned not to place undue reliance on these forward looking statements, which are based on TranS1's expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
CONTACT: TranS1 Inc. Investors: Joe Slattery, Executive Vice President and Chief Financial Officer 910-332-1700 Westwicke Partners Mark Klausner 443-213-0501 firstname.lastname@example.org