Highmark Covers Plus Therapeutics' CNSide Assay, Expanding Reimbursement to 75 Million Lives
PSTV is trading near its 52-week low of $3.225 (95% below the low) on elevated volume (2.2× avg).
Summary
Plus Therapeutics announced that its CNSide® CSF Assay has secured coverage from Highmark, a major Blue Cross Blue Shield-affiliated payer. This agreement expands reimbursement for the diagnostic test to approximately 75 million covered lives, an increase of 8 million. This is a positive commercial development for the company, which has recently faced significant financial challenges including a going concern warning, Nasdaq delisting risk, and a reverse stock split. The expanded coverage is expected to accelerate CNSide adoption by reducing reimbursement barriers for physicians, contributing to the company's goal of 150 million covered lives in 2026. This provides a much-needed positive catalyst for revenue generation amidst a challenging financial backdrop.
At the time of this announcement, PSTV was trading at $0.16 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $27.9M. The 52-week trading range was $3.23 to $30.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.