Harrow Health Inc (HROW) stock is soaring 5.95% in pre-market trading on Monday, following a significant regulatory development for its product Triesence. The company received approval from the Centers for Medicare & Medicaid Services (CMS) for Transitional Pass-Through Status for Triesence 40 mg/ml, boosting investor confidence in the pharmaceutical firm's future prospects.
The CMS approval grants Triesence, Harrow's triamcinolone acetonide injectable suspension, a Transitional Pass-Through Status. This designation is crucial for new medical devices, drugs, and biologicals that apply for separate Medicare payments, allowing for adequate reimbursement while the product establishes its place in the market. The approval signifies recognition of Triesence's potential value in patient care and could lead to increased adoption in healthcare settings.
Furthermore, Harrow announced that Triesence will be eligible for separate reimbursement in Ambulatory Surgery Center (ASC) and Hospital Outpatient Department (HOPD) settings starting from April 2025. This separate reimbursement status could potentially drive higher usage of Triesence in these healthcare facilities, potentially leading to increased sales and revenue for Harrow Health. Investors appear to be reacting positively to these developments, anticipating a positive impact on the company's financial performance in the coming years.
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