16th Aug 2024 11:57
(Alliance News) - LungLife AI Inc on Friday shared positive news for its LungLB test, which is designed to deliver information to clinicians via a blood sample for the early detection of lung cancer.
The California-based developer of clinical diagnostic solutions for lung cancer said it won a "local coverage determination" for risk stratification testing of indeterminate lung nodules.
The company highlighted that the determination was issued by the Medicare Administrative Contractor. It enables the company to apply for coverage under the local coverage determination in order to receive payment from Medicare, the federal health insurance in the US for people over 65 and some under 65 with certain disabilities or conditions.
LungLife said the Medicare coverage criteria are effective for medical insurance claims with dates of service starting on September 22.
"It enables us to progress to the next stage of commercialisation by providing a clear pathway to make our innovative LungLB test more accessible and reimbursable under Medicare," said Chief Executive Officer Paul Pagano.
The firm highlighted that back in January 2023, Medicare established a price of USD2,030 per LungLB test.
LungLife shares rose 14% to 13.99 pence each on late Friday morning in London.
By Tom Budszus, Alliance News slot editor
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