NanoVibronix Provides Business Update for the Second Quarter of 2018
August 16 2018 - 8:00AM
Revenue increases 153% for the second
quarter of 2018
NanoVibronix, Inc, (NASDAQ: NAOV), a medical
device company utilizing the Company's proprietary and patented low
intensity surface acoustic wave (SAW) technology, today provided a
business update for the second quarter ended June 30, 2018.
Brian Murphy, Chief Executive Officer of
NanoVibronix, commented, "We believe our commercial strategy is
beginning to take hold, as reflected by a 153% increase in sales,
albeit off a small base, as our initial distributors have begun
marketing our products in their respective markets. In June, we
announced that we entered into another distribution agreement with
M.D.S. Pharm Ltd. to market and distribute PainShield® and
WoundShield® in Israel. We are in active discussions with a number
of such distributors around the world. In entering these
agreements, we strive to cautiously select a partner that we
believe would be the best in each of the respective markets, with
an established distribution network spanning insurance and health
care providers, retail pharmacies, and other distribution points.
At the same time, we are pursuing a number of larger strategic
partnerships that may help further accelerate market adoption of
our products.
“We also continue to advance our clinical
activities. Last month, we announced successful clinical trial
results for our PainShield™ device in treating patients with
Trigeminal Neuralgia. Trigeminal Neuralgia is considered one of the
most, chronically painful conditions and is associated with a high
suicide rate directly attributable to the condition. We saw a
dramatic improvement in both pain scores and the use of pain
medications such as opioids. We look forward to having these
results published in a leading medical journal later this year and
plan to aggressively market the device in order to help the
millions of patients worldwide suffering from this painful and
debilitating condition.”
The Company’s filed its Form 10-Q for the period ended June 30,
2018, with the Securities and Exchange Commission on August 14,
2018, which is available on the SEC’s website, www.sec.gov, or the
Company’s website, www.nanovibronix.com.
About NanoVibronix
NanoVibronix Inc. (NASDAQ: NAOV) is a medical device company
headquartered in Elmsford, New York with research and development
in Nesher, Israel, that is focused on developing medical devices
utilizing its proprietary and patented low intensity surface
acoustic wave technology. The company's technology allows for the
creation of low-frequency ultrasound waves that can be utilized for
a variety of medical applications, including the disruption of
biofilms and bacteria colonization, as well as providing pain
relief. The devices can be administered at home, without the
assistance of medical professionals. The company's primary products
include PainShield, UroShield and WoundShield. Additional
information about the company is available at:
www.nanovibronix.com.
Investor Contact:Crescendo
Communicationsnaov@crescendo-ir.com212-671-1021
Forward-looking Statements
This press release contains “forward-looking statements.” Such
statements may be preceded by the words “intends,” “may,” “will,”
“plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company’s control, and cannot be predicted or
quantified and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, risks and
uncertainties associated with (i) market acceptance of our existing
and new products, (ii) negative clinical trial results or lengthy
product delays in key markets, (iii) an inability to secure
regulatory approvals for the sale of our products, (iv) intense
competition in the medical device industry from much larger,
multinational companies, (v) product liability claims, (vi) product
malfunctions, (vii) our limited manufacturing capabilities and
reliance on subcontractors for assistance, (viii) insufficient or
inadequate reimbursement by governmental and other third party
payers for our products, (ix) our efforts to successfully obtain
and maintain intellectual property protection covering our
products, which may not be successful, (x) legislative or
regulatory reform of the healthcare system in both the U.S. and
foreign jurisdictions, (xi) our reliance on single suppliers for
certain product components, (xii) the fact that we will need to
raise additional capital to meet our business requirements in the
future and that such capital raising may be costly, dilutive or
difficult to obtain and (xiii) the fact that we conduct business in
multiple foreign jurisdictions, exposing us to foreign currency
exchange rate fluctuations, logistical and communications
challenges, burdens and costs of compliance with foreign laws and
political and economic instability in each jurisdiction. More
detailed information about the Company and the risk factors that
may affect the realization of forward looking statements is set
forth in the Company’s filings with the Securities and Exchange
Commission (SEC), including the Company’s Annual Report on Form
10-K and its Quarterly Reports on Form 10-Q. Investors and security
holders are urged to read these documents free of charge on the
SEC’s web site at http://www.sec.gov. The Company assumes no
obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise.
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