Alliqua BioMedical, Inc.'s Biovance Assigned Level II HCPCS Q Code for Product Reimbursement

LANGHORNE, Pa., Nov. 3, 2014 (GLOBE NEWSWIRE) -- Alliqua BioMedical, Inc.

("Alliqua" or "the Company"), a provider of advanced wound care products, today announced that Alliqua's Biovance® Human Amniotic Membrane Allograft, has been assigned a new and unique, Level II Healthcare Common Procedure Coding System (HCPCS) product reimbursement Q code (Q4154) by the Centers for Medicare and Medicaid Services ("CMS"). The new Q code assignment for Biovance is reflected in the Hospital Outpatient Prospective Payment System Final Rule for CY 2015, released by CMS on October 31, 2014. The new reimbursement code takes effect on January 1, 2015. Biovance's Q code assignment pertains to the Level II HCPCS coding system, and is used to identify products, supplies and services employed outside of a physician's office, which are not included in the Level I HCPCS coding system. "We are extremely pleased with the recent Q code assignment for Biovance, as CMS indicated in the final rule," said David Johnson, CEO of Alliqua. "This decision is a significant step towards obtaining comprehensive reimbursement coverage for Biovance in the outpatient market setting, a key channel for biologic allografts. Most importantly, patients will be able to gain greater access to this technology." "Building on our early commercial progress with Biovance this year, both in hospitals where Diagnosis Related Group-reimbursed procedures are performed, and in the Veteran's Affairs health system, we look forward to the incremental growth opportunity we can now begin to address with this Q code. We look forward to the continued success of our strategic relationship with Celgene Cellular Therapeutics in the biologic wound care space - one of the fastest-growing segments of the advanced wound care market - and to providing the investment community with further details regarding the long-term market opportunity of Biovance on our fourth quarter of fiscal 2014 earnings call."