Top Penny Stock Performer TranS1 Inc. (TSON), Stock Soars after Company Announces Reimbursement Coverage Decision Regarding AxiaLIF® Procedure
(December 14, 2011) Shares of TranS1 Inc.(NASDAQ: TSON), a Wilmington, North Carolina-based company, are soaring in trading today. At last check, the TranS1 stock was trading 16.29% higher at $2.07 on above average volume of 981,057.
TranS1 shares are soaring in trading today after the company announced reimbursement coverage decision regarding AxiaLIF® procedure. The company said that Palmetto GBA, a Medicare Administrative Contractor, removed its Non-Coverage policy for AxiaLIF effective January 2012.
Palmetto said in a letter that after reviewing the AxiaLIF clinical information, its medical directors decided that the benefits are well supported by high-quality evidence and has clinical value. Palmetto serves nearly nine million Medicare beneficiaries in the states of California, Virginia, North Carolina, South Carolina, Nevada, West Virginia and Hawaii.
Ken Reali, President and CEO of TranS1, said that the company is very pleased with Palmetto’s decision to cover the AxiaLIF procedure, bringing total AxiaLIF payor coverage to nearly 23 million covered lives. Reali said that the decision further validates the safety and effectiveness of the AxiaLIF procedure and the company’s ability to work with payors to adopt policies that support reimbursement for the procedure.
About TranS1 Inc.: TranS1 Inc. is a medical device company engaged in the designing, development and marketing of products that implement its proprietary approach to treat degenerative conditions of the spine affecting lower lumbar region.
- The TranS1 stock has a 52-week range of $1.39-$5.42.
- The stock trades on a daily average volume of 124,540.
- The stock is currently trading above its 50-day moving average, which is a bullish signal.
- The stock’s MACD is currently above the signal line, which is a strong bullish signal.
TranS1 announced reimbursement coverage decision regarding AxiaLIF® procedure. The company’s shares are soaring following the announcement.