Inamed's LAP-BAND System Approved for Plan Reimbursement by Blue Cross/Blue Shields of Texas, Illinois and New Mexico; More Than 6,800,000 New Covered Beneficiaries.
SANTA BARBARA, Calif.--(BUSINESS WIRE)--May 3, 2004
Inamed Corporation (Nasdaq: IMDC), a global health care company, is pleased to announce that Blue Cross/Blue Shield Health Plans of Texas, Illinois and New Mexico, covering over 6.8 million lives, will now provide medical coverage and reimbursements for implantation of the LAP-BAND(R) System for the treatment of morbid obesity. The only exclusions from this benefit would be for companies that have specifically excluded bariatric surgery from their employee benefits package.
"Inamed's LAP-BAND System provides a life-saving option for the morbidly obese that is safer, less invasive, and as effective in weight loss resolution or improvement of obesity-related health conditions as gastric bypass surgery," said Nick Teti, Chairman, President and Chief Executive Officer of Inamed Corporation. "The importance of the Blue Cross/Blue Shields of Texas, Illinois and New Mexico providing this life-changing benefit to their customers is clear. This procedure will save lives and enhance the quality of life for those people that need our System."
The action of Blue Cross/Blue Shield of Texas, Illinois and New Mexico comes shortly after three new peer-reviewed studies in the United States showed: 1) Weight loss with the LAP-BAND System can equal that of gastric bypass surgery; 2) Recovery time with the LAP-BAND System is significantly less than other bariatric surgical procedures; and 3) LAP-BAND System outcomes in the U.S. are expected to be comparable to positive European and Australian results. All three papers were presented at the annual meeting of the Society of American Gastrointestinal Endoscopic Surgeons (SAGES) in Denver, Colorado in early April.
About Inamed Corporation
Inamed (Nasdaq:IMDC) is a global healthcare company with over 25 years of experience developing, manufacturing and marketing innovative, high-quality, science-based products that enhance the quality of people's lives. Inamed current portfolio is focused on the areas of facial aesthetics, breast aesthetics, and obesity intervention. The company's website is www.inamed.com.
This press release contains forward-looking statements, including, without limitation, express and implied statements regarding INAMED's LAP-BAND(R) System product platform. INAMED is providing this information as of May 3, 2004 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 by third-party payers to honor medical claims and make timely payments;; dependence on a single supplier for INAMED's silicone raw materials; ; 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.
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