ELMSFORD, N.Y., May 17, 2018 (GLOBE NEWSWIRE) — NanoVibronix, Inc, (NASDAQ:NAOV), a medical device company utilizing the Company’s proprietary and patented low intensity surface acoustic wave (SAW) technology, today provided a business update for the first quarter of 2018.
Brian Murphy, Chief Executive Officer of NanoVibronix, commented, “We are making rapid progress executing on our commercial strategy. Most recently, we announced the expansion of our distribution network, including a key partnership with Fabrication Enterprises, Inc., to market and distribute PainShield® in the U.S. Fabrication Enterprises is a leading distributor in the sports medicine, sports trainer, and physical therapy markets. We entered into a similar agreement with a large global medical device distributor that intends to target multiple segments of the sports injury market. Aside from these distribution agreements, we are getting strong support from a number of professional athletes who have experienced the benefits of PainShield first hand and have publicly endorsed the product. Given the broad range of pain-related indications our product addresses, we also believe the device may help patients reduce their need for opioids.”
“In regard to UroShield™, we recently announced that we signed Instrumed Surgical of Mississauga, Ontario, Canada as our exclusive distributor for UroShield™ in Canada. This agreement follows our recent announcement of a UK distributor, and we look forward to announcing a number of similar agreements around the world as we execute our global roll-out strategy. Overall, we are seeing strong interest in UroShield, not only from distributors, but also physicians, hospitals and payors as catheter-associated urinary tract infections (CAUTI) is a major cause of patient mortality that is estimated to result in over 13,000 deaths per year in the U.S. alone.”
“Overall, we remain encouraged by the outlook for the business. Final results from both the UroShield and PainShield studies are expected to be ready for submission to a peer-reviewed journal in the second quarter of 2018, which should help drive awareness and adoption for these products. We also continue to work toward several regulatory milestones, which will be a centerpiece of our commercialization strategy. Additionally, we have been fortunate in attracting sales and marketing talent that will help drive the strategy both in the Americas and abroad. Collectively, the key components of our strategy are falling into place and we are gaining traction in each of our respective markets.”
The Company’s filed its Form 10-Q on May 15, 2018, which is available on the Company’s website www.nanovibronix.com.
NanoVibronix Inc. (NASDAQ:NAOV) is a medical device company headquartered in Elmsford, NY with research and development in Nesher, Israel, that is focused on developing medical devices utilizing its proprietary and patented low intensity surface acoustic wave technology. The company’s technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including the disruption of biofilms and bacteria colonization, as well as providing 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. Additional information about the company is available at: www.nanovibronix.com.
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 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) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. 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.
Source: NanoVibronix, Inc.
Released May 17, 2018