Electromedical
Technologies
Secures Funding for Product Expansion
-
Funding earmarked for WellnessPlus
POD
prototype production and completion
-
Prototype to be used for future FDA 510(k) submission
-
Company on track for late 2021 FDA
filing
SCOTTSDALE, AZ -- February 23, 2021 --
InvestorsHub NewsWire -- Electromedical Technologies,
Inc. (OTCQB:
EMED )
(the "Company"), a pioneer in the development and manufacturing
of bioelectronic
devices,
including the FDA cleared WellnessPro+,
is pleased to
announce that it has secured
a $1 million
investment by a fund managed by Yorkville Advisors Global,
LP to
complete prototype production of its WellnessPlus
POD,
a critical step
in the Company's product development and
expansion
plans. Further details of the
financing can be found in Electromedical Technologies' recent 8-K
filing.
The Company's
prototype is
slated to be completed later this year
and will be used
in a 510(k) medical device submission with the FDA later this
year.
The WellnessPlus
POD is
positioned as a new, smaller, professional grade wearable device
for mass market retail customers and has the ability to work with
the flagship
Wellness Pro+
device. Plus, it will carry a price point that is more affordable
to 90 % of the population. In addition,
the
Company
plans to introduce a program to help our Veterans and First
Responders and their families to obtain a device at no upfront cost
and a year of service at no charge.
Jennifer Scutti,
Vice-President of Yorkville Advisors commented, "We are
pleased that our investment in
Electromedical Technologies will assist them
in
their
near-term
product
development and
expansion goals and look forward to working
with management."
Matthew Wolfson, Founder and
CEO of EMED, noted, "Securing funding for
prototype production and completion of our WellnessPlus
POD
is a key step in
our development path. We are pleased to be working with our new
financial partner Yorkville Advisors to assist us in
achieving this objective and help get new product
development into high gear. Yorkville's investment
demonstrates confidence in Electromedical Technologies and
recognition of the exciting and fast-developing field of
bioelectronics."
"EMED plans to use the prototype device in
conjunction with an FDA 510(k) submission during
the second half of 2021 and could begin trials at the end of the
year.
The
Opioid
epidemic
is becoming even worse due to medical and social distancing and we
believe that EMED is poised to help millions of people improve
their quality of life without the use of
opioids
and drugs that can have serious adverse effects on the body.
With over
10,000 of
our flagship products sold
over the
years, we
are pleased to have helped our customers with relief from their
chronic pain through electrotherapy and
look forward to providing comfort and relief to many more
ahead."
About Electromedical Technologies
Headquartered
in Scottsdale,
Arizona,
Electromedical Technologies, Inc. is a commercial stage, FDA
cleared, bioelectronic
medical
device manufacturing company initially focused on the treatment of
various chronic, acute, intractable,
and
post-operative pain conditions. Through university collaboration
agreements the company is working to develop a comprehensive
research program in defining the effects of electro-modulation on
the human body by studying the impacts of electrical fields in cell
signaling and effects on virus assembly and immune responses with
the goal of improving human wellbeing. The company's current
cleared product indications are for chronic acute post traumatic
and post-operative, intractable pain relief.
Our
animal studies do not involve any human testing, and are not
related to our current products. We are conducting this research to
augment and advance the science of electro-modulation in
healthcare. The United States Food and Drug Administration
has not reviewed or approved our animal research studies
For
more information, visit
www.electromedtech.com.
Safe
Harbor Statement
This
release contains forward-looking statements that are based upon
current expectations or beliefs, as well as a number of assumptions
about future events. Although we believe that the expectations
reflected in the forward-looking statements and the assumptions
upon which they are based are reasonable, we can give no assurance
or guarantee that such expectations and assumptions will prove to
have been correct. Forward-looking statements are generally
identifiable by the use of words like "may," "will," "should,"
"could," "expect," "anticipate," "estimate," "believe," "intend,"
or "project" or the negative of these words or other variations on
these words or comparable terminology. The reader is cautioned not
to put undue reliance on these forward-looking statements, as these
statements are subject to numerous factors and uncertainties,
including but not limited to: adverse economic conditions,
competition, adverse federal, state and local government
regulation, international governmental regulation, inadequate
capital, inability to carry out research, development and
commercialization plans, loss or retirement of key executives and
other specific risks. To the extent that statements in this press
release are not strictly historical, including statements as to
revenue projections, business strategy, outlook, objectives, future
milestones, plans, intentions, goals, future financial conditions,
events conditioned on stockholder or other approval, or otherwise
as to future events, such statements are forward-looking, and are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements contained in this release are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the statements made.
Corporate Contact:
Electromedical
Technologies, Inc.
Matthew
Wolfson
Tel:
1.888.880.7888
email:
ceo@electromedtech.com
https://electromedtech.com