COMPASS Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, today announced that the American Medical Association has released the language of its new Current Procedural Terminology (CPT®) III code for Continuous In-Person Monitoring and Intervention During Psychedelic Medication Therapy. The code will go into effect and will be published in the CPT manual on January 1, 2024.
The approval of the new category CPT III code, announced in May following an application by COMPASS and MAPS Public Benefit Corporation (MAPS PBC), was supported by the American Psychiatric Association, American Psychological Association and the National Association of Social Workers. Once effective, the new code will provide a mechanism to track and report the delivery of psychedelic treatments and will cover, subject to FDA approval, COMPASS’s COMP360 psilocybin treatment, which is currently in late-stage development for treatment-resistant depression, and MAPS’ MDMA-AT for post-traumatic stress disorder.
The new code, reported in increments of one hour, will cover multiple psychedelic compounds with psychological support models, if approved, as well as variable staffing structures and numbers and credentials of qualified healthcare professionals (QHPs). It will also offer a sub-code for the involvement of non-QHP clinical staff. The use of this category III tracking code will be key to developing optimal permanent and valued category I codes for psychedelic therapies as close as possible to their potential FDA approval.
“This new CPT III code will help ensure broad and equitable access to psychedelic therapies, if approved, for people who urgently need new options to treat their mental health conditions. The language released by the American Medical Association shows that the CPT code will facilitate accurate tracking of the work required to support effective, regulated and reimbursed delivery of these new potential treatments.”
Kabir Nath, Chief Executive Officer of COMPASS Pathways
Webinar
COMPASS will hold a webinar on the new code for investors, analysts and media on Tuesday, July 11, 2023, at 8:00 am EDT (1:00 pm BST). The webinar will feature:
- Dr. Geoffrey Grammer, Chief Medical Officer at Greenbrook NeuroHealth Centers
- Dr. Marketa Wills, Chief Medical Officer at Johns Hopkins HealthCare
- Kabir Nath, Chief Executive Officer at COMPASS
- Dr. Steve Levine, Senior Vice President of Patient Access and Medical Affairs at COMPASS.
The one-hour moderated discussion will focus on the impact of the new code for healthcare delivery professionals and payers, and the role of the code in establishing commercial models for psychedelic treatment if these therapies receive regulatory approval.
Please register in advance here to access the webinar and obtain a local or toll-free phone number and personal pin. A live audio webcast of the webinar will be accessible from the “Events” page of the Investors section of the COMPASS website. The replay of the webcast will be accessible for 30 days following the event. For more information, please visit ir.compasspathways.com.
About COMPASS Pathways
COMPASS Pathways plc is a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. We are pioneering the development of a new model of psilocybin treatment, in which our proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has been designated a Breakthrough Therapy by the U.S. Food and Drug Administration (FDA) and has received Innovative Licensing and Access Pathway (ILAP) designation in the UK for treatment-resistant depression (TRD).
We have commenced a phase 3 clinical program of COMP360 psilocybin treatment in TRD, the largest randomized, controlled, double-blind psilocybin treatment clinical program ever conducted. Previously, we completed a phase 2b study with top line data showing a statistically significant (p<0.001) and clinically relevant improvement in depressive symptom severity after three weeks for patients who received a single 25mg dose of COMP360 psilocybin with psychological support. We are also conducting phase 2 clinical studies of COMP360 psilocybin treatment for post-traumatic stress disorder (PTSD) and anorexia nervosa.