electroCore, Inc. Announces Exclusive Distribution Agreement with Kromax For Taiwan and China
electroCore, Inc. (Nasdaq: ECOR) has partnered with Kromax International Corporation as the exclusive distributor of its gammaCore Sapphire™ non-invasive vagus nerve stimulator in Taiwan and China. This three-year agreement aims to enhance healthcare quality in pain management, particularly for migraine sufferers. The partnership is contingent on regulatory approvals, with the timing of these clearances currently uncertain. Both companies aim to improve patient outcomes through innovative healthcare solutions.
- Partnership with Kromax enhances market entry into Taiwan and China.
- gammaCore is a unique non-invasive solution for migraine treatment.
- Regulatory clearances are required, and timing is uncertain.
- Market entry may face delays due to regulatory hurdles.
ROCKAWAY, NJ, June 23, 2021 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced it has entered into an agreement with Kromax International Corporation to serve as the exclusive distributor of the gammaCore Sapphire™ non-invasive vagus nerve stimulator (nVNS) in Taiwan and China.
“Kromax International Corp. is dedicated to transforming healthcare quality by introducing state-of-art medical solutions that improve the health of patients,” commented Tim Hwang, Kromax Group Vice Chairman. “We have been deeply involved in the field of pain management and neuromodulation in the Taiwan, China, and South Asia markets for many years and are honored to cooperate with electroCore by representing their solution in these markets, providing benefits to patients in our region suffering from migraines.”
“We are delighted to partner with Kromax to introduce gammaCore into Taiwan and China,” stated Iain Strickland, electroCore’s Vice President of Global Sales and Strategy. “Kromax and electroCore share the common goal of utilizing proven healthcare innovations to improve the health and lives of their patients. We look forward to collaborating with the team at Kromax to help support the adoption of gammaCore in the region.”
The initial term of the agreement is three years, and it contains customary terms and conditions. Regulatory clearances are required before sales and revenue can occur, and the timing for any such potential clearances is uncertain at this time.
About Kromax
Founded in 1987, Kromax provides services covering the semiconductor, LCD, LED, solar and biotech industries in the Greater China area. Their business philosophy focuses on providing comprehensive services to the customer, starting from the early stages of research and marketing and also touching sales, production, distribution, installation, and warranty support. Their mission is to continually enhance the ability of our customers to compete in the international marketplace by bringing them the latest, most advanced technology.
For more information, visit www.kromax.com/en-US/AboutKromax.aspx
About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its platform non-invasive vagus nerve stimulation therapy initially focused on the treatment of multiple conditions in neurology. The company’s current indications are for the preventative treatment of cluster headache and migraine and acute treatment of migraine and episodic cluster headache.
For more information, visit www.electrocore.com.
About gammaCoreTM
gammaCoreTM (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck as an adjunctive therapy to treat migraine and cluster headache through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore can be self-administered by patients, as needed, without the potential side effects associated with commonly prescribed drugs. When placed on a patient’s neck over the vagus nerve, gammaCore stimulates the nerve’s afferent fibers, which may lead to a reduction of pain in patients.
gammaCore is FDA cleared in the United States for adjunctive use for the preventive treatment of cluster headache in adult patients, the acute treatment of pain associated with episodic cluster headache in adult patients, and the acute and preventive treatment of migraine in adolescent (ages 12 and older) and adult patients. gammaCore is CE-marked in the European Union for the acute and/or prophylactic treatment of primary headache (Migraine, Cluster Headache, Trigeminal Autonomic Cephalalgias and Hemicrania Continua) and Medication Overuse Headache in adults.
- gammaCore is contraindicated for patients if they:
- Have an active implantable medical device, such as pacemaker, hearing aid implant, or implanted electronic device
- Have a metallic device such as a stent, bone plate, or bone screw, implanted at or near the neck
- Are using another device at the same time (e.g., TENS Unit, muscle stimulator) or any portable electronic device (e.g., mobile phone)
- Safety and efficacy of gammaCore have not been evaluated in the following patients:
- Patients diagnosed with narrowing of the arteries (carotid atherosclerosis)
- Patients who have had surgery to cut the vagus nerve in the neck (cervical vagotomy)
- Pediatric patients (less than 12 years of age)
- Pregnant women
- Patients with clinically significant hypertension, hypotension, bradycardia, or tachycardia
Please refer to the gammaCore Instructions for Use for all the important warnings and precautions before using or prescribing this product.
Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore's business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; the Company’s business prospects in Taiwan, China, and other new markets and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will," "expects," "believes," "intends," other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, the potential impact and effects of COVID-19 on the business of electroCore, electroCore’s results of operations and financial performance, and any measures electroCore has and may take in response to COVID-19 and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.
FAQ
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