Benzinga | Jul 20, 2021 07:08AM EDT

EyePoint Pharmaceuticals Receives Preliminary Extension to Pass-Through Payment Status for DEXYCU

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT), a pharmaceutical company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders, announced today that the Company expects to receive a nine month extension on DEXYCU(r)'s pass-through payment status, which otherwise would expire on March 31, 2022.

On July 19, 2021, The Centers for Medicare and Medicaid Services (CMS) released its 2022 draft Hospital Outpatient Prospective Payment System (HOPPS) rule, which indicates that CMS plans to extend the pass-through period for select outpatient drugs and device products, such as DEXYCU, due to the public health emergency associated with the COVID-19 pandemic. The draft rules are subject to a public comment period prior to the issuance by CMS of the final 2022 HOPPS rule, which is anticipated in November 2021.

"We are extremely pleased that the CMS has indicated it intends to provide additional pass-through time, subject to public comment, allowing for another nine months of pass through status for important innovative products such as DEXYCU," said Nancy Lurker, Chief Executive Officer of EyePoint Pharmaceuticals. "The continuation of pass-through status by the CMS is an important step as we continue to execute on our commercial strategy of expanding the use of DEXYCU by physicians for their patients."

Approximately 60% of patients who undergo cataract surgery are covered by Medicare Part B. Drugs that are administered as part of the cataract surgery procedure can be covered under a CMS administered transitional-pass-through payment. The pass-through payment was established by the U.S. government to help foster innovative drug development. Drug applications must meet certain qualifications for inclusion. The transitional pass-through status is typically three years.