BioXcel Therapeutics, a pioneering biopharmaceutical entity leveraging artificial intelligence in the pursuit of revolutionary advancements in neuroscience medicine, announced today that the Centers for Medicare & Medicaid Services (CMS) have granted a permanent and product-specific J-Code for their IGALM (dexmedetomidine) sublingual film. This innovative medication has received approval for the acute management of agitation associated with schizophrenia or bipolar I or II disorder in adults¹,². The allocated J-code, J1105, will be effective starting January 1, 2024, as per the Healthcare Common Procedure Coding System (HCPCS) protocol. Following this pivotal announcement, BioXcel Therapeutics has witnessed a notable surge in its stock value today.
At the time of this publication, BioXcel Therapeutics Inc stock (BTAI) has witnessed a surge.
BioXcel Therapeutics Inc
Current Price: $3.93
Change : +0.90
Change (%): (29.54%)
Volume: 11.3M
Source: Tomorrow Events Market Data
J-codes serve as enduring designations utilized by healthcare providers, commercial insurance plans, and government payers to standardize the reimbursement process. In contrast to miscellaneous or unspecified product codes, a J-code significantly streamlines claims submission, consequently expediting the billing and reimbursement procedures.
Vimal Mehta, Ph.D., CEO of BioXcel Therapeutics, expressed optimism about the impending changes, stating, “Beginning next year, IGALM will be separately reimbursed under a direct and predictable J-Code for the hospital outpatient setting, which we expect will help remove economic barriers that may have impacted formulary approval decisions and product utilization to date. Ultimately, we believe this commercial milestone will facilitate additional patient access to this important therapeutic option for the treatment of bipolar disorder- or schizophrenia-associated agitation.”
The issuance of a distinct J-code for IGALM represents a significant advancement in the accessibility and affordability of this groundbreaking medication. By simplifying the reimbursement process, this development is anticipated to broaden the scope of patient populations benefiting from this vital therapeutic option.
BioXcel Therapeutics continues to lead the charge in leveraging artificial intelligence to revolutionize the field of neuroscience medicine. The company’s dedication to innovation and patient-centric care positions them at the forefront of advancements in the treatment of psychiatric disorders.
