ELMSFORD, N.Y., Nov. 19, 2019 /PRNewswire/
-- NanoVibronix, Inc., (NASDAQ: NAOV), a
medical device company that produces the PainShield® Surface
Acoustic Wave (SAW) Portable Ultra Sonic therapeutic device, today
provided a business update for the third quarter ended September 30, 2019.
"This has been a productive and important quarter for
NanoVibronix, positioning us for accelerating growth in 2020 and
beyond," commented Brian Murphy, CEO
of NanoVibronix. "In the past few quarters, we have significantly
expanded our manufacturing capabilities, growing capacity from
approximately 100 per month to, initially, over 1,000 per month
with the ability to grow. Simultaneously, we have broadened our
distribution channels, adding key partners to directly target key
potential customers, including the Federal Supply Schedule and
CMS/Medicare, and we are making progress in our efforts to target
the Veterans Administration and European customers through private
label arrangements. We believe that we have the optimal team
in place to deliver. We enter the fourth quarter in the best
strategic position in our company's history, and I am excited about
the opportunities in front of us."
Mr. Murphy continued, "Our new Chinese manufacturer has
finished first products on November
15th, and should have 3,000 units completed by
early January. Our current pipeline, including back orders, and
fulfilling our first private label order, will consume the majority
of our initial production. Our new licensing arrangement with
Medisana is progressing as planned, and this manufacturing
capability enables us to support Medisana's growth. Other
potential partners are in various stages of discover, clinical
testing, and market testing, which we feel very comfortable
about."
Product Highlights:
- PainShield® surface acoustic wave device receives Centers for
Medicare & Medicaid Services (CMS) reimbursement code for home
use beginning in 2020, which could substantially increase its
marketability and usage through many different channels
- All products have been redesigned with an updated look and
functionality
- The Company and a major potential partner are conducting
ongoing research on PainShield
- Next generation product designs have been initiated
Distribution Highlights:
- PainShield, and PainShield Supplies were added to the Federal
Supply Schedule through NanoVibronix' relationship with Marathon
Medical, a Service Disabled Veteran Owned Small Business (SDVOSB).
Accordingly, Marathon Medical can now sell PainShield and related
supplies to the Veterans Health Administration, the largest
integrated health care system in the
United States, providing care at 1,255 health care
facilities, including 170 VA Medical Centers and 1,074 outpatient
sites of care of varying complexity, and the U.S. Department of
Justice to combat pain and provide an opioid alternative pain
management system.
- NanoVibronix expanded its relationship with Medisana, resulting
in an initial Original Equipment Manufacturing (OEM) purchase
order. The Company will commence the manufacture of a specialized
product for Medisana based on its PainShield® device called the
PT-100. The product will be sold directly and exclusively via
Medisana.
- The Company signed a distribution agreement with ProTrade
Systems, a medical equipment distributor in the U.S. for thousands
of patients, elite athletes, athletic trainers, professional teams,
special military forces, orthopedic surgeons, sports medicine
doctors, and physical therapists.
- NanoVibronix entered into a non-exclusive license agreement
with Ideal Medical International Limited, wherein Ideal Medical
will serve as a non-exclusive international distributor for
UroShield® and PainShield® in various regions around the
world.
About NanoVibronix
NanoVibronix Inc. (NASDAQ: NAOV) is a medical device company
headquartered in Elmsford, New
York, with research and development in Nesher, Israel, which is focused on developing medical
devices utilizing its proprietary and patented low intensity
surface acoustic wave (SAW) technology. This 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.
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 or lengthy product delays in key markets; (ii)
negative or unreliable clinical trial results (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 may not be available, or 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.
View original
content:http://www.prnewswire.com/news-releases/nanovibronix-provides-business-update-for-the-third-quarter-of-2019-300960365.html
SOURCE NanoVibronix, Inc.