NanoVibronix Selects Key Distributor to Exclusively Distribute PainShield for Veterans Administration Facilities
January 05 2022 - 8:30AM
Business Wire
NanoVibronix, Inc. (NASDAQ: NAOV), a medical
device company that produces the UroShield® and PainShield® Surface
Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today
announced that it has signed an agreement with Applied Medical
Solutions, LLC (“AMS”) for the sale and distribution of its
PainShield products to Veterans Administration facilities located
throughout the United States.
Brian Murphy, Chief Executive Officer of NanoVibronix, Inc.,
commented, "Serving nine million enrolled veterans each year, the
VA represents a massive opportunity for placement of our PainShield
devices. We selected AMS as a distribution partner given its strong
relationships and proven ability to establish a critical mass
within the VA market. Initial sales from our relationship indicate
rapid adoption and substantial traction within select VA
facilities, which we believe could lead to a measurable impact to
our top-line results in the coming quarters. Healthcare providers,
inside and outside of the VA, are urgently seeking non-opioid
alternatives for the management of pain. PainShield is a proven
therapeutic that directly addresses this growing need. We are
seeing compelling evidence for the utilization of an opioid
alternative within the initial rollout to the VA.”
Under the terms of the two-year agreement, AMS has the exclusive
right to sell and distribute PainShield throughout the Veterans
Administration healthcare system including physicians, hospitals
and patients. AMS expects to broaden sales resources dedicated to
rapidly scale within the entire VA system.
PainShield is an ultrasound device, consisting of a reusable
driver unit and a disposable patch, which contains a proprietary
therapeutic transducer. 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. The
product has been acknowledged by several sports icons and 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 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.
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Investor Contacts: Brett Maas, Managing Principal, Hayden
IR, LLC brett@haydenir.com (646) 536-7331
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