The agreement to potentially provide Inspira Technologies with
$32.6 million over a 5-year period,
subject to regulatory approvals
RA'ANANA, Israel, Jan. 30,
2024 /PRNewswire/ -- Inspira Technologies OXY
B.H.N Ltd. (Nasdaq: IINN) (Nasdaq: IINNW) (the "Company"
or "Inspira Technologies"), a pioneer in life support
technology with a vision to supersede traditional mechanical
ventilators, today announced its summary distribution agreement
(the "Agreement") with Glo-Med Networks, Inc. ("Glo-Med"), a U.S.
company with a regional office in Jeddah,
Saudi Arabia. Under the Agreement, Glo-Med shall be
designated as the Company's distributor in Saudi Arabia, United
Arab Emirates and Bahrain
(the "Territory"). We believe that Saudi
Arabia's dual strategy to invest $65
billion and further privatize its healthcare sector, or
Vision 2030, signals that the Territory is a burgeoning market for
medical innovation. The summary distribution agreement will be
followed by a more comprehensive agreement.
Under the Agreement, Glo-Med shall undertake the role of
Territory wholesale distributor, involving the promotion, marketing
and sale of the INSPIRA™ ART500 Device, the
INSPIRA ART500 Disposable Kit, the
INSPIRA™ ART100 Device and the INSPIRA ART100
Disposable Kit (the "Devices"), to approved customers in the
Territory.
Glo-Med shall be the exclusive Territory distributor of the
Devices provided that it meets the minimum purchase targets
amounting to 531 INSPIRA™ ART devices and 8,794
disposable units from when the relevant regulatory approvals for
the Devices in the Territory are granted.
Joe Hayon, Inspira
Technologies' Co-Founder and President, stated: "This
potential expansion into the Gulf states is pivotal for us as we
strive to globally distribute our technology for the betterment of
patient care."
Matus Knoblich, CEO of
Glo-Med, commented: "This agreement is a significant step
for us in broadening our range of innovative products to be offered
in the healthcare market through our local network of leading
distributors in the Territory."
About Glo-Med Networks, Inc.
Glo-Med, known for delivering unique healthcare solutions,
collaborates with top medical device and biomedical companies
worldwide to meet the 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 and through its 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 the U.S., Latin
America, Europe, the
Middle East, and Africa, providing extensive access to the
global medical network.
For more information, please visit the corporate
website: www.glomednet.com
About Inspira Technologies OXY B.H.N Ltd.
Inspira Technologies is leading the way in preventing the need
for traditional mechanical ventilation and associated medical
complications and risks. Targeting to transform life-support care,
its innovative solutions are paving the way for direct blood
oxygenation, while bypassing the lungs. Beyond this, the Company is
committed to advancing blood circulation technology and
incorporating AI-driven real-time blood monitoring systems. These
advancements are part of its strategy to offer patient monitoring
and data-based insights to potentially enhance treatment and
streamline hospital operations, marking a new era in life support
care. For more information, please visit our corporate website:
https://inspira-technologies.com/
Forward-Looking Statement Disclaimer
This press release contains expressed or implied forward-looking
statements under US federal securities laws. These forward-looking
statements and their implications are based only on the current
expectations of the management of the Company. They are subject to
several factors and uncertainties that could cause results to
differ materially from those described in the forward-looking
statements. For example, the Company uses forward-looking
statements when it discusses the potential revenue stream deriving
from the Agreement, contingent terms and trigger conditions in the
Agreement, the prospective regulatory approvals for the Devices,
that the Company's potential expansion into the Gulf states is
pivotal and that the Agreement is a significant step in broadening
the range of innovative products to be offered through the leading
distributors in the Territory. 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 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, 2022,
filed with the SEC, which is available on the SEC's website,
www.sec.gov.
For more details:
Public Relations Manager
Adi Shmueli
Inspira Technologies
info@inspirao2.com
+972-9-9664485
Copyright © 2018-2024 Inspira Technologies OXY B.H.N. LTD., All
rights reserved.
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SOURCE Inspira Technologies