Proactive Investors - Oxford Biodynamics PLC (LON:OBD) saw its shares rise by 10% in early trading after the company received a unique reimbursement code for its EpiSwitch Prostate Screening (PSE) Test.
The code, known as 0433U, was issued by the American Medical Association and will be effective from January 1. It allows for insurance reimbursement under Medicare, Medicaid, and private payors, making the test more accessible to patients.
EpiSwitch significantly improves the accuracy of current prostate cancer screening methods, boosting predictive accuracy from 55% to 94%.
It was launched on September 26, ahead of schedule, and is available to men in the US and UK who are being screened for prostate cancer.
The new code simplifies the billing process and ensures accurate reimbursement, thereby increasing physician confidence in prescribing the test.
The speed at which the code was issued—less than three months after application—indicates its importance for both patient care and potential cost savings in the medical industry, OXB noted.
At 8.34 am, the shares were changing hands for 37.64p, up 3.34p.