The agreement to target $108m for Inspira Technologies over a seven-year period, subject to regulatory approvals
Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN) (Nasdaq: IINNW) (the “Company” or “Inspira Technologies”), a groundbreaking respiratory support technology company, announced today that it has signed an exclusive summary distribution agreement with Innovimed Sp. z o.o (“Innovimed”), a master distributor specializing in state-of-the-art medical solutions in Eastern Europe, Middle East and Africa. The Innovimed leadership team, have decades of experience with sales, marketing and distribution with medical devices in global healthcare industry companies including Baxter (AG).
The summary distribution agreement will be followed by a more comprehensive agreement, follows the distribution agreement signed last month with WAAS Group for potential $66 million in Spain & Portugal. The agreement entered has an initial term of 7 years, subject to completion of product development and regulatory approval. The parties will collaborate on the marketing and deployment of the ART device, designed to treat deteriorating respiratory failure patients, while they are awake and breathing. The ART, an early extracorporeal respiratory support system, has the potential to minimize the need for invasive mechanical ventilation across Poland, Czech Republic and Slovakia.
According to the agreement, and in order to maintain exclusivity in the territory, Innovimed has committed to purchase minimum orders of 1,552 ART devices and 59,040 disposable units for deployment at hospitals and medical centers, subject to regulatory approvals for the sale and marketing of the ART devices in Poland, Czech Republic and Slovakia.
“Poland, Czech Republic and Slovakia are very interesting markets for Inspira’s ART device. The extracorporeal membrane oxygenation (ECMO) program for Greater Poland’ takes full advantage of the ECMO perfusion therapy opportunities to promote the health of citizens in the region. I believe that this program may lead to an expedited adoption of the ART device based on extracorporeal respiratory approach in these markets,” stated Joe Hayon, Inspira Technologies’ Co-Founder, President and Chief Financial Officer.
Michal Maciazek, Managing Partner at Innovimed, stated: “Innovimed aims to contribute to its patients health by offering an innovative, unique and state-of-the-art range of medical solutions impacting progress in their medical therapy. We found Inspira’s ART device as one of these potential solutions that may change the life of acute respiratory failure patients in Poland, Czech Republic and Slovakia. We plan to explore the distribution of the innovative ART device in additional regions.”
Source: Company Press Release