Congress Extends 2007 Reimbursement Rates for Radioimmunotherapies for 18 Months

Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced that the Medicare Improvements for Patients and Providers Act of 2008, as passed by the U.S. House of Representatives on June 24, 2008 and the U.S. Senate on July 9, 2008, would continue the 2007 reimbursement methodology for therapeutic radioimmunotherapies for an additional 18 months with a start date of July 1, 2008. In December, Congress froze reimbursement rates at the 2007 level for six months after the Centers for Medicare & Medicaid Services (CMS) had released rates for 2008 that were lower than the acquisition cost for radioimmunotherapies like Zevalin(R) (Ibritumomab Tiuxetan). Manufacturers of radioimmunotherapies...

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