The agreement signed with Glo-Med Networks for the potential
deployment of HYLA™ Blood Sensors over a 3-year period, subject to
regulatory approvals
RA'ANANA, Israel, July 7, 2022
/PRNewswire/ -- Inspira™ Technologies OXY B.H.N. Ltd.
(NASDAQ: IINN) (NASDAQ: IINNW) (the "Company" or "Inspira
Technologies"), a groundbreaking respiratory support technology
company, following yesterday's announcement of the development of
its new HYLA™ blood sensor, announced today that it has signed an
exclusive summary distribution agreement with the U.S. based
Glo-Med Networks ("Glo-Med"), for the distribution of the HYLA™
blood sensor device and disposable units across 6 states in
the United States (Texas, New
Jersey, New York,
Florida, North Carlina and
South Carolina).
The summary distribution agreement will be followed by a more
comprehensive agreement. The agreement has an initial term of 3
years, subject to completion of product development and regulatory
approvals. The parties will collaborate on the marketing and
deployment of the HYLATM blood sensor. Without the need
to take actual blood samples from patients, Inspira Technologies'
non-invasive optical blood sensor is being designed to perform
real-time and continuous blood monitoring to alert physicians of
immediate signs of changes in a patient's clinical condition.
Pursuant to the agreement, and in order to maintain exclusivity
in the territory, Glo-Med has committed to purchase a minimum order
of 3,889 HYLATM blood sensors and 264,873 disposable
units for deployment at hospitals and medical centers, subject to
regulatory approvals for the sale and marketing of the
HYLATM blood sensor device in the 6 states within
the United States.
This is the second distribution agreement reached with Glo-Med
for the U.S. market, in addition to the agreement signed in
January 2022, for the distribution of
the Company's ART™ system.
The Company has additional distribution agreements
internationally, targeting a total of $189
million in Israel and
Europe (Spain, Portugal, Poland, Czech and Slovakia). All agreements for the ART™ system
are over a 7-year period and are subject to the completion of
product development and regulatory approvals.
The HYLA™ blood sensor and ART™ system have not been tested or
used in humans and are subject to completion of development and
regulatory approvals.
Matus Knoblich, Glo-Med's CEO,
stated:
"I believe that this ground-breaking technology may
dramatically reduce the need for actual blood sampling by the
hospital staff. This could significantly reduce their workload
while providing potentially critical information at a critical
moment when a patient's medical condition may suddenly deteriorate
without warning. I strongly believe that this technology has the
potential to eventually become a device for almost every patient in
intensive care units and other suitable clinical settings. The
HYLATM is a very good fit for Glo-Med's growing product
portfolio that focuses on improving patient's wellbeing and
clinical outcome."
Dagi Ben-Noon, Inspira™ Technologies' Chief Executive
Officer, stated:
"Our strong collaboration with U.S. based
Glo-Med is built on trust and the understanding of each other's
strengths. We have the joint motivation of assisting physicians to
improve respiratory care, patient monitoring and outcomes, while
maximizing patients' experience. The Inspira Technologies team is
energized and focused to truly and positively disrupt the
respiratory care market."
Inspira Technologies OXY B.H.N. Ltd.
Inspira Technologies is an innovative medical technology company
in the respiratory treatment arena. The Company has developed a
breakthrough Augmented Respiration Technology (ART), designed to
rebalance patient oxygen saturation levels. The Company's ART™
technology potentially allows patients to remain awake during
treatment while minimizing the need for highly invasive, risky, and
costly mechanical ventilation systems that require intubation and
medically induced coma. The Company's products have not yet been
tested or used in humans and has not been approved by any
regulatory entity.
For more information, please visit our corporate
website:
https://inspira-technologies.com/
About Glo-Med Networks
Glo-Med Networks Incorporated was founded in 2016 to meet the
continuously growing demand for innovative medical devices and
related products in domestic and international markets. Glo-Med
maintains extensive access to next generation medical products
globally via long-term partnerships and relationships with medical
providers, as well as through their sister company focused on
medical device servicing with a focus on hospital beds and medical
mattresses, Med-Stat Consulting Services, Inc. (est. 2003). Along
with the largest and most prominent healthcare organizations in
New York and Florida as clients, Glo-Med has offices and
partner companies in Europe, the
Middle East and Africa, providing extensive access to the
global medical network. Service support provided by Med-Stat grants
customers full access to highly skilled technicians who can provide
continuous service and support for their medical devices. As the
name states, Glo-Med is your access to the global medical
network.
For more information, please visit the corporate website:
www.glomednet.com
Forward-Looking Statement Disclaimer
This press release contains express or implied forward-looking
statements pursuant to U.S. Federal securities laws. These
forward-looking statements and their implications are based on the
current expectations of the management of the Company only and are
subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. For example, the Company is using
forward-looking statements when it discusses the terms of its
strategic agreement with Glo-Med, potential revenue to the company,
the amount of HYLA™ blood sensors and disposable units that may be
sold and the states in which the sensor may be distributed, the
potential benefits to be derived from the use of the HYLA™ blood
sensor, once developed, and its potential to eventually become a
device for almost every patient in intensive care units and other
suitable clinical settings, subject to its development and
regulatory approvals, its distribution agreements to potentially
target sales in the United States,
Europe and Israel, all subject to product development and
regulatory approvals. These forward-looking statements and their
implications are based solely on the current expectations of the
Company's management and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Except as
otherwise required by law, the Company undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. More detailed
information about the risks and uncertainties affecting the Company
is contained under the heading "Risk Factors" in the Company's
annual report on Form 20-F for the fiscal year ended December 31, 2021 filed with the U.S. Securities
and Exchange Commission (the "SEC"), which is available on the
SEC's website, www.sec.gov
For more details:
US Investor Relations
Miri Segal,
MS-IR LLC
+917-607-8654
msegal@ms-ir.com
US Public Relations
Dave
Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
IINN@redchip.com
MRK-ARS-028
Copyright © 2018-2022 Inspira Technologies OXY
B.H.N. LTD., All rights
reserved.
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SOURCE Inspira Technologies