NanoVibronix Selects Key Distributor to Exclusively Distribute PainShield for Veterans Administration Facilities

Rhea-AI Summary

NanoVibronix, Inc. (NASDAQ: NAOV), a medical device company, has signed a two-year agreement with Applied Medical Solutions to distribute its PainShield products to Veterans Administration facilities across the U.S. CEO Brian Murphy highlighted the opportunity to serve nine million veterans annually, emphasizing the growing demand for non-opioid pain management solutions. Initial sales indicate strong adoption within select VA facilities, which could positively impact revenue in the upcoming quarters. PainShield is an ultrasound device designed for pain treatment and soft tissue healing, enabling patient use at home or work.

Positive

• Signed a two-year exclusive agreement with Applied Medical Solutions for PainShield distribution to the Veterans Administration.
• Initial sales show rapid adoption within VA facilities, suggesting potential revenue growth.
• Addresses urgent demand for non-opioid pain management alternatives.

Negative

• None.

ELMSFORD, N.Y.--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220105005656/en/

Investor Contacts:

Brett Maas, Managing Principal, Hayden IR, LLC

brett@haydenir.com

(646) 536-7331

Source: NanoVibronix, Inc.

FAQ

What is the agreement between NanoVibronix and Applied Medical Solutions?

NanoVibronix signed a two-year exclusive agreement with Applied Medical Solutions for the distribution of PainShield products to Veterans Administration facilities.

How does the PainShield device work?

PainShield uses ultrasound technology to deliver localized treatment for pain and promote soft tissue healing.

How many veterans could benefit from NanoVibronix's PainShield?

Approximately nine million enrolled veterans annually could benefit from the PainShield device through the Veterans Administration.

What market opportunity does NanoVibronix see in the VA?

NanoVibronix recognizes a significant market opportunity due to high demand for non-opioid solutions within the Veterans Administration.