NEW YORK (TheStreet) -- CardioNet (BEAT) was one of several stocks moving on above-average volume Monday as concerns over national healthcare reimbursements for the medical technology company's services drove shares lower.
CardioNet said the Centers for Medicare and Medicaid Services (CMS) proposed that that the technical component of mobile cardiovascular telemetry remains carrier-priced for calendar year 2011. The CMS will give it final rule by Nov. 1 for implementation on Jan. 1, 2011, and if adopted means that local Medicare contractors will decide on reimbursement amounts.
"Given our efforts to obtain a national reimbursement rate for CardioNet's MCOTTM technology, we are disappointed in CMS' Proposed Rule," CardioNet CEO Joe Capper said in a statement. "We will work diligently during the public comments period to request that CMS change its recommendation to one that is more beneficial to Medicare recipients who depend on MCOTTM."
CardioNet shares were down 76 cents, or 10.6%, to $6.42. Volume topped 938,000 shares, compared to the 50-day average daily volume of 406,000, according to the Nasdaq.Elsewhere, Rexahn Pharmaceuticals (RNN) dropped by 17 cents, or 9.9%, to $1.55 after the drug company said it has raised $10 million through a registered direct offering. Institutional investors bought units consisting of one share of common stock and a warrant to purchase 0.3 of a share of common stock at a purchase price of $1.50. Rexahn said net proceeds of approximately $9.45 million will be used for further development of the company's lead clinical programs, including the funding of Rexahn's Phase II clinical study program of serdaxin, zoraxel and archexin. Rexahn's volume topped 832,000 shares, compared to the three-month average daily volume of 2.13 million, according to Yahoo! Finance. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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