TEL AVIV, Israel, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. (TASE:EMITF) (NASDAQ:EMITF) (" Elbit" or the " Company") announced today that it was informed by INSIGHTEC Ltd. (" INSIGHTEC"), that the Centers for Medicare and Medicaid Services (the " CMS") assigned a status to the Exablate Neuro treatment for Essential Tremor, moving it from a non-payable status indicator to one that allows reimbursement. The CMS decision is one of several steps toward gaining appropriate reimbursement for MRgFUS for essential tremor. This needs to be followed by CMS regional offices approval to the reimbursement for the Exablate Neuro treatment, for their patients. According to the CMS's recommendation, the Exablate Neuro was assigned a reimbursement code with a payment level of $9751. The CMS is part of the U.S. Department of Health and Human Services, and it oversees, among its other functions, Medicare (the federal health insurance program for the elderly, [which are the main group of potential patients for the Exablate Neuro treatment]), and Medicare reimbursement rates for healthcare providers that use federally certified health IT systems. At this stage, INSIGHTEC is unable to estimate the implications of the CMS's recommendation on INSIGHTEC. INSIGHTEC's Exablate Neuro platform is transforming medicine by presenting a non-invasive treatment alternative that combines two technologies: Focused Ultrasound, which is used to lesion the targeted tissue deep in the brain, and Magnetic Resonance Imaging (MRI), which is used to guide the ultrasound waves to the specific target tissue and provide real-time feedback on treatment progress and outcomes. Essential tremor is the most common movement disorder, affecting millions people worldwide. It is a progressive and debilitating neurological condition that causes a rhythmic trembling of the hands, head, voice, legs or trunk. The Company holds approximately 89.9% of the share capital of Elbit Medical Technologies Ltd. (TASE:EMTC-M) (85.6% on a fully diluted basis) which, in turn, holds approximately 31.3% of the share capital in INSIGHTEC (26.6% on a fully diluted basis).
Elbit Imaging (EMITF) is rocketing higher on Tuesday after announcing its Gamida Cell Ltd, which Elbit's subsidiary Elbit Medical Technologies holds 30.8% voting power in, had received an acquisition proposal from a pharmaceutical company.