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NeurAxis, Inc. ("NeurAxis," or the "Company") (NYSE:NRXS), a medical technology company commercializing neuromodulation therapies addressing chronic and debilitating conditions in children and adults, today announced it has executed an exclusive option agreement with the University of Michigan for the exclusive licensing of its innovative rectal expulsion device (RED). The RED redesigns the balloon expulsion testing workflow to directly simplify anorectal function testing downstream to any gastroenterologist's office. During the option agreement period, NeurAxis intends to evaluate the vast market potential for RED.
Dr. Adrian Miranda, Chief Medical Officer of NeurAxis, commented, "Chronic constipation aligns well with NeurAxis' focus and expertise in the field of disorders of the gut-brain interaction. The economic impact of adult chronic constipation in the U.S. is significant, with an estimated 2.5 million physician visits annually. Like IBS, chronic constipation also negatively impacts health-related quality of life, including psychological and social consequences. RED is a highly sensitive screening tool for evacuation disorders that will effectively and efficiently identify the underlying cause of symptoms allowing clinicians to tailor treatment and minimize unnecessary testing with a point-of-care test."
"We are thrilled to announce this exclusive agreement with the University of Michigan as it potentially expands and fuels NeurAxis' adult GI focus," said Brian Carrico, President and Chief Executive Officer of NeurAxis. "RED offers a significant market opportunity for NeurAxis as it has a Category I CPT Code and established reimbursement in place and targets the same clinical call points as IB-Stim™. Working with the University of Michigan, we plan to submit RED for FDA clearance under a 510(k) process with a target commercialization in 2024 and we expect to see meaningful revenues from RED beginning in 2024."
Posted In: NRXS
