NanoVibronix Ships First Order of PainShield Plus
July 26 2021 - 10:47AM
Business Wire
Expects to Recognize First Revenues from
Product in Third Quarter 2021
NanoVibronix, Inc., (NASDAQ: NAOV), a medical
device company that produces the UroShield® and PainShield® Surface
Acoustic Wave (“SAW”) Portable Ultrasonic Therapeutic Devices,
today announced it has fulfilled the first order of its next
generation pain management device, PainShield Plus®, and expects to
recognize revenue for the sale in the third quarter of 2021.
PainShield Plus covers two times the surface area for pain
therapy and is sold at a higher gross margin compared to the
original PainShield® MD.
“This first shipment represents a significant milestone for our
patent pending PainShield Plus,” stated Brian Murphy, Chief
Executive Officer of NanoVibronix, Inc. “We launched the device
late in 2020 to overwhelmingly positive response from orthopedic
and neurological patients and healthcare providers. We are
increasingly optimistic about the prospects for further market
penetration given completion of this first shipment and an
increasing interest from distributors and prescribers.”
PainShield Plus, like the original PainShield, utilizes
ultrasound therapy for the treatment of pain and various soft
tissue injuries either directly over joints or orthopedic hardware
and without the need for messy ultrasound gels. The device is an
effective solution for avoiding opioid treatments and equips
patients to receive therapy independently in the comfort and safety
of their own homes. The device consists of a reusable driver unit
and disposables, which includes a proprietary therapeutic
transducer and cover adhesive to deliver 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 and
can be used by patients at home, 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®
and UroShield®, 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, and include, among others, statements regarding the
completion of the public offering, the satisfaction of customary
closing conditions related to the public offering and the intended
use of net proceeds from the public offering; 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; (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; and (xv) market and other conditions. 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, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210726005555/en/
Investor Contacts:
NanoVibronix, Inc. bmurphy@nanovibronix.com (630) 338-5022
Or:
Brett Maas, Managing Principal, Hayden IR, LLC
brett@haydenir.com (646) 536-7331
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