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INAMED Announces Expansion of Insurance Reimbursement for Gastric
Banding, Including the Lap-Band System
Wednesday May 25, 5:00 am ET
Blue Cross of California and Blue Cross/Blue Shields of Georgia, Wisconsin
and Missouri Revise Bariatric Coverage to Include Lap-Band(R) System
SANTA BARBARA, Calif.--(BUSINESS WIRE)--May 25, 2005-- INAMED Corporation, (NASDAQ:IMDC
- News), the developer of the BioEnterics® Lap-Band® System, announced today
that Blue Cross of California and the Blue Cross/Blue Shield plans of Georgia,
Wisconsin and Missouri have revised their medical coverage policies for the
surgical treatment of morbid obesity to include laparoscopic adjustable gastric
banding. The only FDA-approved band is INAMED'S Lap-Band System.
"Obesity is a major contributor to preventable death in the United States, and
the expanded insurance coverage for gastric banding will make the health
benefits of our Lap-Band System available to a broader segment of the morbidly
obese population," said Nick Teti, Chairman, President and Chief Executive
Officer of INAMED.
"The LAP-BAND System laparoscopic procedure is the safest bariatric surgical
treatment option for morbid obesity. The significant growth in this procedure
with leading hospitals and surgeons and coverage by insurers around the country
is an endorsement of the value and benefits of the Lap-Band System," added Bart
Bandy, Senior Vice President, INAMED Health.
While some insurance companies are moving to restrict coverage for other obesity
surgery procedures due to high mortality, costs and complication rates, the
trend continues to be for health plans to add coverage for the LAP-BAND System.
The California, Georgia, Wisconsin and Missouri policy revisions follow similar
announcements in the past year by the Blue Cross/Blue Shield Plans of Arkansas,
Minnesota, Tennessee, Illinois, Texas, and New Mexico.
INAMED Corporation, a global healthcare company with over 25 years of experience
developing, manufacturing, and marketing innovative, high-quality, science-based
products, developed and markets the LAP-BAND System. Other current products
include breast implants for aesthetic augmentation and for reconstructive
surgery and a range of dermal products for facial rejuvenation.
Forward-Looking Statements
This press release contains forward-looking statements, including, without
limitation, express and implied statements regarding INAMED's LAP-BAND® System
product platform. INAMED is providing this information as of May 25, 2005 and
expressly disclaims any duty to update information contained in this press
release.
These forward-looking statements involve risks and uncertainties which could
cause actual results to differ materially from those expressed or implied here.
Readers are referred to the documents filed by INAMED Corporation with the
Securities and Exchange Commission, specifically the most recent reports which
identify important risk factors that could cause actual results to differ from
those contained in the forward-looking statements, including but not limited to:
exposure to product liability and intellectual property claims; exposure to
liabilities that may not be adequately covered by insurance or for which there
is no insurance; potential negative publicity concerning product safety; changes
in the economy and consumer spending; competition from existing and/or new
products; failure or delay of clinical trials; uncertainty in receiving timely
regulatory approval or market acceptance for new products; dependence on a
single supplier for INAMED's silicone raw materials; failure to protect INAMED's
intellectual property; and adverse changes in the regulatory or legislative
environment (both in the U.S. and internationally) affecting our business. The
information contained in this press release is a statement of INAMED's present
intention, belief or expectation and is based upon, among other things, the
existing regulatory environment, industry conditions, market conditions and
prices, the economy in general and INAMED's assumptions. INAMED may change its
intention, belief or expectation, at any time and without notice, based upon any
changes in such factors, in INAMED's assumptions or otherwise. INAMED undertakes
no obligation to review or confirm analysts' expectations or estimates or to
release publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
By including any information in this press release, INAMED does not necessarily
acknowledge that disclosure of such information is required by applicable law or
that the information is material.
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