Press Release
LONDON and SAN JOSE, Calif., May 02, 2023 (GLOBE NEWSWIRE) — COMPASS Pathways plc (Nasdaq: CMPS) (COMPASS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, and MAPS Public Benefit Corporation (MAPS PBC), a clinical-stage company dedicated to changing the way mental health conditions are treated, today announced that the American Medical Association (AMA) has approved a Current Procedural Terminology (CPT®) III code for psychedelic therapies. The full details of the code are expected to be released by the AMA in July 2023 and the code will go into effect when it is published on January 1, 2024. Once effective, the CPT code will provide physicians and other qualified healthcare professionals a means to code and seek reimbursement for delivering psychedelic therapies.
The application for the new CPT III code was the result of a collaboration between MAPS PBC and COMPASS Pathways to facilitate reimbursement and ultimately access to psychedelic therapies in the US, if approved by the US Food Drug Administration (FDA). Both companies are working to develop and, subject to FDA approval, commercialize psychedelics as part of a new treatment paradigm for individuals with mental health conditions. COMPASS Pathways is conducting a phase 3 program of investigational COMP360 psilocybin therapy in treatment-resistant depression (TRD), having already published positive results in the New England Journal of Medicine from its phase 2b study of COMP360 in TRD, in the largest study of its kind. MAPS PBC has completed two phase 3 clinical trials evaluating MDMA-assisted therapy as a potential treatment for post-traumatic stress disorder (PTSD), both of which met their pre-specified primary and secondary endpoints. This new code may provide a mechanism by which these new treatments being developed by COMPASS and MAPS PBC could be reimbursed if they are approved by the FDA.
Sean Hocking
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