NANOVIBRONIX ENTERS WORKER’S COMPENSATION MARKET THROUGH AGREEMENT WITH ORCHID MEDICAL
September 29 2021 - 10:14AM
NanoVibronix, Inc., (NASDAQ: NAOV), a healthcare device company
that produces the UroShield® and PainShield® Surface Acoustic
Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced
it has entered the worker’s compensation market with the signing of
a Provider Participation Agreement with Orchid Medical, a national
provider of integrated ancillary and surgical cost containment
solutions specifically for the workers’ compensation industry. The
agreement facilitates the reimbursement of the company’s
PainShield® product for eligible patients receiving benefits under
a worker’s compensation plan making it easier for plan
beneficiaries to obtain the product for the treatment of pain.
Brian Murphy, CEO of Nanovibronix, stated, “Signing this
agreement with a national worker’s comp payer serves as our first
entrée into the worker’s compensation market and clears the way for
easier access to PainShield for the management of pain resulting
from work-related injuries. Orchid Medical is an established,
reputable payer with a broad network of worker’s comp plans, Case
Managers and Insurance Carriers that it supports. This agreement
reinforces the applicability of PainShield and opens the door for
us to replicate similar arrangements with additional payers and
further extend reimbursable access for many thousands of eligible
beneficiaries.”
Under the terms of the two-year agreement, NanoVibronix will
supply PainShield initial supply kits and disposables to Orchid
Medical at a fixed price. The agreement will automatically renew
each year.
PainShield is an ultrasound device that 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.
The product has broad applications for sports injuries. 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 Orchid Medical
For nearly 20 years, Orchid Medical has been a leading, national
provider of ancillary and surgical cost containment solutions
specifically designed for workers’ compensation industry. The
company offers a broad range of medical management services
including durable medical equipment (DME) and supplies, orthotics
and prosthetics, home healthcare, complex care, home and vehicle
modifications, diagnostic imaging, physical medicine,
transportation and language, Surgical Cost Containment Program®,
long-term care, and urinary drug monitoring. Our clients include
insurance carriers, government agencies, third party
administrators, managed care organizations and self-insured
employers.
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; 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 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.
Brett Maas, Managing Principal
Hayden IR, LLC
646-536-7331
brett@haydenir.com
NanoVibronix (NASDAQ:NAOV)
Historical Stock Chart
From Jun 2024 to Jul 2024
NanoVibronix (NASDAQ:NAOV)
Historical Stock Chart
From Jul 2023 to Jul 2024