ELMSFORD, N.Y., June 1, 2020 /PRNewswire/
-- NanoVibronix, Inc., (NASDAQ: NAOV), a
medical device company that produces the UroShield®, PainShield®
and WoundShield®, and WoundShield® Surface Acoustic Wave (SAW)
Portable Ultrasonic Therapeutic Devices, today announced that it
has expanded its license agreement with Ideal Medical International
Limited to include exclusive rights to distribute the Company's
UroShield® and PainShield® technologies in Canada and Turkey effective May
27, 2020.
"Our relationship with Ideal Medical has proven beneficial to
our growth and expanding the geographic scope of our agreement was
a logical next step given their strong global distribution
capabilities," said Brian Murphy,
CEO of NanoVibronix. "Expanding our partnership with Ideal Medical
enables us to further tap into its significant sales resources and
expand our access to the Canadian and Turkish markets. This
continues our execution of plans to license our technologies to
quickly access geographic and clinically specific markets around
the world."
Under the terms of the 10 year, performance-based agreement, the
Company will receive an upfront license fee, payable immediately,
and quarterly royalty payments based on a sliding scale of Ideal
Medical's gross sales of the Company's licensed technologies with
minimum performance milestones beginning in year two of the
agreement, and shall absorb costs associated with relevant
regulatory approvals for Ideal Medical to market, distribute and
sell the Company's licensed technologies that are subject to the
agreement.
The Company announced a license agreement in 2019, whereby Ideal
Medical International Limited is serving as a non-exclusive
international distributor for UroShield® and PainShield® in various
regions around the world. Under the terms of the agreement being
announced today, the Company is expanding the rights and provisions
granted under the initial agreement to include Canada and Turkey. Ideal Medical International Limited is
a wholly owned subsidiary of IMS (International Medical Supplies)
Euro, a leading international supplier of medical products.
UroShield is an ultrasound-based product that is designed to
prevent bacterial colonization and biofilm on indwelling urinary
catheters and increase antibiotic efficacy, ultimately reducing the
incidence of catheter-associated urinary tract infections (CAUTI).
UroShield is also intended to decrease pain and discomfort
associated with urinary catheter use.
PainShield is an ultrasound device, consisting of a reusable
driver unit and disposables, which includes a proprietary
therapeutic transducer and cover adhesive. PainShield delivers a
localized ultrasound effect to treat pain and induce soft tissue
healing in a targeted area, while keeping the level of ultrasound
energy at a safe and consistent level. Its range of applications
includes acute and chronic pain resolution through its many
mechanisms of action. PainShield can be used by patients at home or
work or in a clinical setting and can be used even while the
patient is sleeping. Patient benefits include ease of application
and use, faster recovery time, high compliance, and increased
safety and efficacy over existing devices that rely on
higher-frequency ultrasound.
About NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ: NAOV) is a medical device company
headquartered in Elmsford, New
York, with research and development in Nesher, Israel, focused on developing medical devices
utilizing its patented low intensity surface acoustic wave (SAW)
technology. The proprietary technology allows for the creation of
low-frequency ultrasound waves that can be utilized for a variety
of medical applications, including for disruption of biofilms and
bacterial colonization, as well as for 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®, all of which are portable devices
suitable for administration at home without assistance of medical
professionals. Additional information about NanoVibronix 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; 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) the geographic, social and
economic impact of COVID-19 on the Company's ability to conduct its
business and raise capital in the future when needed, (ii) market
acceptance of our existing and new products or lengthy product
delays in key markets; (iii) negative or unreliable clinical trial
results; (iv) inability to secure regulatory approvals for the sale
of our products; (v) intense competition in the medical device
industry from much larger, multinational companies; (vi) product
liability claims; (vii) product malfunctions; (viii) our limited
manufacturing capabilities and reliance on subcontractor
assistance; (ix) insufficient or inadequate reimbursements by
governmental and/or other third party payers for our products; (x)
our ability to successfully obtain and maintain intellectual
property protection covering our products; (xi) legislative or
regulatory reform impacting the healthcare system in the U.S. or in
foreign jurisdictions; (xii) our reliance on single suppliers for
certain product components; (xiii) the need to raise additional
capital to meet our future business requirements and obligations,
given the fact that such capital may not be available, or may be
costly, dilutive or difficult to obtain; and (xiv) our conducting
business in foreign jurisdictions exposing us to additional
challenges, such as, e.g., foreign currency exchange rate
fluctuations, logistical and communications challenges, the burden
and cost of compliance with foreign laws, and political and/or
economic instabilities in specific jurisdictions. 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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SOURCE NanoVibronix, Inc.