NanoVibronix Announces Early Success in the Marketing of Painshield to Veteran’s Administration Healthcare Providers
NanoVibronix, Inc. (NASDAQ: NAOV), a healthcare device company, reported accelerating sales of its PainShield device to the Veterans Administration (VA). CEO Brian Murphy noted that adoption is increasing, with higher reorders of accompanying disposables, indicating high patient satisfaction. The VA's commitment to non-opioid pain management creates significant growth opportunities for NanoVibronix, as it seeks to expand production capacity to meet rising demand. PainShield offers localized ultrasound therapy for various pain conditions, emphasizing compliance and safety over traditional methods.
- Accelerating sales of PainShield device to the Veterans Administration indicates strong market demand.
- High reorder rates of disposables suggest increased patient compliance and satisfaction.
- VA's focus on non-opioid pain management aligns with PainShield's therapeutic approach.
- Expanding manufacturing capacity to meet increasing sales can enhance business growth.
- None.
Elmsford, NY, Dec. 02, 2021 (GLOBE NEWSWIRE) -- NanoVibronix, Inc., (NASDAQ: NAOV), a healthcare device company that produces the UroShield® and PainShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced that sales of its Painshield device to the Veterans Administration (VA) has been accelerating.
Brian Murphy, CEO of Nanovibronix, stated, “Sales of our PainShield device to the VA commenced mid-summer, and we are pleased to report that adoption is happening at a relatively rapid pace in the first facilities where it is available. All indications appear to us to show that our revolutionary device is recognized as an effective treatment, as our devices are being prescribed by VA healthcare providers at an increasing rate to remedy pain suffered by so many of our veterans. Furthermore, we are experiencing higher than usual reorders of the disposables that accompany the device, which generally signals a high level of patient compliance and satisfaction. The VA is committed to finding better ways to manage pain, limit the risks of opioid therapy and address the growing epidemic of opioid misuse. As a non-opioid alternative, PainShield aligns directly with these goals.
“The VA is the largest integrated health care system in the United States providing healthcare to nine million enrolled veterans each year,” continued Murphy. “This represents an enormous opportunity and will serve as a key catalyst for further growing our business as we expand our footprint throughout the VA system. Importantly, we are in the process of adding additional manufacturing capacity that has been deemed as Trade Agreement Act (TAA) compliant enabling us to meet current and hopefully future production targets to support the increase in sales.”
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 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.
FAQ
What recent developments has NanoVibronix (NAOV) announced regarding PainShield sales?
How does PainShield align with the VA's healthcare goals?
What opportunities does the VA represent for NanoVibronix?
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What is the significance of the manufacturing capacity expansion for NAOV?
