NanoVibronix is a medical device company focused on developing medical devices utilizing its patented low intensity surface acoustic wave (SAW) technology
NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company that produces the UroShield®, PainShield® and WoundShield®, and WoundShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced that effective June 22, 2020, it has entered into a two-year exclusive agreement with Ultra Pain Products, Inc. (“UPPI”) for the distribution of NanoVibronix’s proprietary PainShield™ devices and components through and by Durable Medical Equipment (DME) Distributors throughout the United States.
“Teaming with Ultra Pain Products provides us with a solid, proven distribution channel that further supports our growth objectives and facilitates the smooth delivery of products and management of relationships with both local and regional Durable Medical Equipment (DME) suppliers,” said Brian Murphy, CEO of NanoVibronix. “With an established pipeline, Ultra Pain Products will play a critical role in delivering our opioid-free pain management solution to healthcare providers and their patients at a time when social distancing is critical. Ultra’s established billing capabilities in workers’ compensation, private insurance and motor vehicle insurance will enable quality customer service for buyers and more predictable management of working capital for us.”
“Our agreement comes at a critical time amidst the COVID-19 pandemic, providing us with a unique opportunity to apply our strengths in sales, marketing and reimbursement to bring the PainShield product to the U.S. and further advance the treatment of patients in a safe, remote setting,” said Ari Alayev, President of Ultra Pain Products, Inc. “We are committed to providing solutions that enable healthcare providers to meet patients’ pain management needs, regardless of the setting and partnering with NanoVibronix reinforces this commitment. Through our agreement we NanoVibronix Signs Two Year, Exclusive Distribution Agreement for PainShieldare equipped to deliver what we believe is one of the greatest and most admirable contributions to the medical community for targeting the opioid crisis.”
Under the terms of the two-year agreement, the Company granted exclusive distribution rights to UPPI to sell the newest model of PainShield MD and components, including the new ergonomic design and single-use custom daily dressing or adhesive through DME distributors. In exchange, the Company received an initial purchase order and minimum annual quantities, which must be achieved. The agreement is subject to minimum unit pricing restrictions and bi-monthly order quantity minimums in the first year that increase and shift to quarterly order minimums in year two. Distribution rights expressly exclude sales to Veteran’s Facilities under the Federal Supply Schedule (FSS).
PainShield is an ultrasound device, consisting of a reusable driver unit and disposables, which includes a proprietary therapeutic transducer and cover adhesive. 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. 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.
Source: Company Press Release