ELMSFORD, N.Y., July 7, 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
effective June 22, 2020, it has
entered into a two-year exclusive agreement with Ultra Pain
Products, Inc. ("UPPI") for the distribution of NanoVibronix's
proprietary PainShield™ devices and components through and by
Durable Medical Equipment (DME) Distributors throughout
the United States.
"Teaming with Ultra Pain Products provides us with a solid,
proven distribution channel that further supports our growth
objectives and facilitates the smooth delivery of products and
management of relationships with both local and regional Durable
Medical Equipment (DME) suppliers," said Brian Murphy, CEO of NanoVibronix. "With an
established pipeline, Ultra Pain Products will play a critical role
in delivering our opioid-free pain management solution to
healthcare providers and their patients at a time when social
distancing is critical. Ultra's established billing capabilities in
workers' compensation, private insurance and motor vehicle
insurance will enable quality customer service for buyers and more
predictable management of working capital for us."
"Our agreement comes at a critical time amidst the COVID-19
pandemic, providing us with a unique opportunity to apply our
strengths in sales, marketing and reimbursement to bring the
PainShield product to the U.S. and further advance the treatment of
patients in a safe, remote setting," said Ari Alayev, President of Ultra Pain Products,
Inc. "We are committed to providing solutions that enable
healthcare providers to meet patients' pain management needs,
regardless of the setting and partnering with NanoVibronix
reinforces this commitment. Through our agreement we are equipped
to deliver what we believe is one of the greatest and most
admirable contributions to the medical community for targeting the
opioid crisis."
Under the terms of the two-year agreement, the Company granted
exclusive distribution rights to UPPI to sell the newest model of
PainShield MD and components, including the new ergonomic design
and single-use custom daily dressing or adhesive through DME
distributors. In exchange, the Company received an initial purchase
order and minimum annual quantities, which must be achieved. The
agreement is subject to minimum unit pricing restrictions and
bi-monthly order quantity minimums in the first year that increase
and shift to quarterly order minimums in year two. Distribution
rights expressly exclude sales to Veteran's Facilities under the
Federal Supply Schedule (FSS).
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.