NeurAxis Announces New Medical Policy Coverage with Molina Healthcare for Over Five Million Lives Across Multiple States

Rhea-AI Summary

NeurAxis (NYSE: NRXS) has announced medical policy coverage with Molina Healthcare for its Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, IB-Stim. The coverage extends to Molina's approximately 5.1 million members across 13 states, including Michigan, Illinois, New York, and Texas.

IB-Stim is an FDA-cleared, non-surgical device that treats functional abdominal pain associated with irritable bowel syndrome (IBS) in patients aged 8-21 years through gentle electrical impulses to cranial nerve bundles in the ear. This treatment is particularly significant as there are currently no FDA-approved drug therapies for children with abdominal pain-related disorders of the gut-brain interaction.

The company has notably expanded its insurance coverage from 4 million to 51 million lives over the past year, with potential to treat approximately 600,000 individuals suffering from IBS.

Positive

• Secured coverage with Molina Healthcare, reaching 5.1 million additional members
• Expanded total insurance coverage from 4 million to 51 million lives in one year
• Recently achieved CPT I code for treatment
• Extended treatment age range from 11-18 to 8-21 years
• Only FDA-cleared treatment option in its category for pediatric IBS

Negative

• None.

News Market Reaction

-0.35%

1 alert

-0.35% News Effect

On the day this news was published, NRXS declined 0.35%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CARMEL, Ind., Jan. 21, 2025 (GLOBE NEWSWIRE) -- NeurAxis, Inc. (“NeurAxis,” or the “Company”) (NYSE American: NRXS), a medical technology company commercializing neuromodulation therapies addressing chronic and debilitating conditions in children and adults, today announced medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS), with Molina Healthcare. Molina, with over 40 years in operation, has approximately 5.1 million members across 13 states.

NeurAxis’ PENFS technology, IB-Stim, is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents 8-21 years old. IB-Stim is a non-surgical device that sends gentle electrical impulses into cranial nerve bundles in the ear. There are currently no FDA-approved drug therapies for children with abdominal pain-related disorders of the gut-brain interaction. Off label pharmacologic treatments can often have serious side effects, and most lack scientific evidence of efficacy.

Brian Carrico, President and Chief Executive Officer of NeurAxis commented, “We are thrilled about our coverage with Molina, which marks our initial expansion into the states of MI, IL, NY, TX, and others. This milestone underscores the impact of our strong body of published research, which continues to drive broader insurance coverage for IB-Stim. As highlighted in my recent Letter to Shareholders, we've significantly increased our insurance coverage to 51 million lives—a remarkable leap from just 4 million a year ago. Additionally, our recently achieved CPT I code, and the expanded age range from 11–18 years to 8–21 years will allow us to provide care for the approximately 600,000 individuals suffering from irritable bowel syndrome.”

About NeurAxis, Inc.

NeurAxis, Inc., is a medical technology company focused on neuromodulation therapies to address chronic and debilitating conditions in children and adults. NeurAxis is dedicated to advancing science and leveraging evidence-based medicine to drive the adoption of its IB-Stim™ therapy, which is its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, by the medical, scientific, and patient communities. IB-Stim™ is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents 8-21 years old. Additional clinical trials of PENFS in multiple pediatric and adult conditions with large unmet healthcare needs are underway. For more information, please visit http://neuraxis.com.

Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. There are a number of important factors that could cause actual results, developments, business decisions or other events to differ materially from those contemplated by the forward-looking statements in this press release. These factors include, among other things, the conditions in the U.S. and global economy, the trading price and volatility of the Company’s stock, public health issues or other events, the Company’s compliance with applicable laws, the results of the Company’s clinical trials and perceptions thereof, the results of submissions to the FDA, the results of the shareholder vote to enable the issuance of the Preferred Stock, and factors described in the Risk Factors section of NeurAxis’s public filings with the Securities and Exchange Commission (SEC). Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable law, the Company undertakes no obligation to update or revise these statements, whether as a result of any new information, future events and developments or otherwise.

For Important Information on IB-Stim/PENFS: See https://ibstim.com/important-information/

Contacts:

Company
NeurAxis, Inc.
info@neuraxis.com  

Investor Relations
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com

FAQ

How many lives does NeurAxis (NRXS) now cover with its insurance policies?

NeurAxis has expanded its insurance coverage to 51 million lives, up from 4 million a year ago, following the addition of Molina Healthcare's 5.1 million members.

What age range is NeurAxis's IB-Stim device approved for?

IB-Stim is FDA-cleared for patients aged 8-21 years old, recently expanded from the previous range of 11-18 years.

Which states are included in the new Molina Healthcare coverage for NRXS's IB-Stim?

The coverage includes multiple states, with specific mention of Michigan, Illinois, New York, and Texas among the 13 states where Molina operates.

How many potential IBS patients could benefit from NeurAxis's IB-Stim treatment?

According to the press release, approximately 600,000 individuals suffering from irritable bowel syndrome could potentially benefit from the treatment.

What is the treatment method of NeurAxis's IB-Stim device?

IB-Stim is a non-surgical device that delivers gentle electrical impulses into cranial nerve bundles in the ear, known as Percutaneous Electrical Nerve Field Stimulation (PENFS).