PALO ALTO, Calif. - Scilex Holding Company (NASDAQ:SCLX), a company specializing in non-opioid pain management solutions, announced today that it is capping the out-of-pocket costs for its commercial insurance patients to $25 per month. This pricing adjustment affects its portfolio of pain management products, including ZTlido®, ELYXYB®, and the forthcoming Gloperba®, which is slated for release in the first half of 2024.
The initiative is designed to make Scilex's treatments more affordable for patients suffering from conditions such as postherpetic neuralgia, migraines, and gout flare prophylaxis. Some eligible patients may pay nothing, furthering the company's mission to improve access to non-opioid pain therapies.
This announcement follows a recent disruption in the processing of insurance claims due to a cyber-attack on Change Healthcare (NASDAQ:CHNG), a partner company. Scilex has stated that normal operations for the co-pay savings card processing for ZTlido® have been restored starting today.
Scilex's commitment to patient affordability extends to its co-pay programs, which aim to help patients reduce their expenses for necessary medications in collaboration with various assistance programs.
The company's product portfolio includes FDA-approved treatments such as ZTlido® for neuropathic pain associated with postherpetic neuralgia and ELYXYB® for acute migraine treatment in adults. Gloperba®, the first liquid oral version of the anti-gout medicine colchicine, is expected to join the lineup soon.
Additionally, Scilex is advancing its product pipeline with candidates like SP-102 (SEMDEXA™), which has completed a Phase 3 study for sciatica pain treatment, and SP-104, which is being developed for fibromyalgia and is expected to enter Phase 2 trials in 2024.
The information in this article is based on a press release statement from Scilex Holding Company.
InvestingPro Insights
In the wake of Scilex Holding Company’s (NASDAQ:SCLX) announcement to cap out-of-pocket costs for patients, investors may be interested in the company's financial health and market performance. With a market capitalization of $144.22 million, Scilex operates with a significant debt burden and may have trouble making interest payments on its debt, as per InvestingPro Tips. This is a crucial consideration given the company’s focus on expanding its non-opioid pain management portfolio.
Furthermore, the company's stock has experienced a notable decline, with a 1-month price total return of -23.16% and a 1-year price total return of -83.45%. Analysts do not anticipate Scilex will be profitable this year, which aligns with the company's reported operating income margin at a staggering -225.55% for the last twelve months as of Q4 2023. These financial metrics underscore the challenges Scilex faces despite its strategic initiatives in product affordability and development.
However, it's not all challenging news. Analysts anticipate sales growth in the current year, with a revenue growth of 22.9% for the last twelve months as of Q4 2023. This could indicate potential for the company's recovery and growth as it continues to innovate in the pharmaceutical space. For investors seeking a more in-depth analysis, there are additional InvestingPro Tips available that could shed light on Scilex's long-term prospects. To explore these insights and more, visit InvestingPro and consider using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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