ELMSFORD, NY--(Marketwired - November 15, 2016) - NanoVibronix, Inc. (OTCQB: NAOV), a medical device company, today has issued a business update on the company's patented low intensity surface acoustic wave technology for pain management, wound healing and other indications.
Brian Murphy, Chief Executive Officer of NanoVibronix, stated, "I am very excited to take the helm of NanoVibronix following my own extensive due diligence process. In my short time since joining the company, I am more encouraged than ever about the potential for NanoVibronix's low intensity surface acoustic wave technology. This patented technology directly addresses a number of multi-billion dollar underserved markets, and with the right marketing strategy and distribution partners, I am extremely confident in the enormous commercial potential of our products."
"In September, we announced that UroShield™ has received Health Canada's approval to sell the UroShield™ in Canada. We believe that the Canadian market represent an attractive opportunity for our UroShield™ system with millions of urinary catheters used in hospitals every year. UroShield™ is intended to be the first ultrasound based medical device on the market to prevent biofilm as well as decrease pain and discomfort associated with urinary catheter use. We are currently conducting a double blinded clinical trial for UroShield™ in the U.S. designed to augment our existing research and clinical data supporting the efficacy of our instrument in reducing the incidence of urinary tract infections. We plan to include this additional data in our submission to the U.S. Food and Drug Administration for 510(k) marketing clearance."
"Recently, Vinny Testaverde, a retired quarterback who played 21 seasons in the NFL, endorsed our SPORTS Painshield™ for relief of joint and back pain. SPORTS PainShield® is a patented, wearable ultrasound platform for chronic and acute pain and is especially effective for sports injuries such as ankle pain, tendonitis, knee pain, shoulder pain, and muscle pain, as well as other injuries. We are currently accelerating our marketing efforts in North America for SPORTS PainShield®, including recruiting sales personnel and representatives as well as attending trade shows and conferences for sports trainers and physicians. Our sales strategy in the sports area includes introducing our product to sports trainers to provide important independent validation regarding the product's efficacy, which would lead to direct sales and reimbursements from sports organizations or by self-pay."
"We are advancing our platform technology across other indications, including veterinary applications. In September, we entered into a distribution agreement with Mano Equestrian Services (PTE) LTD to market and distribute our wearable ultrasound product for race and show horses, Equine PainShield®, in Malaysia, India, Indonesia, and all of the Arab countries. The global market for Equine PainShield® is very promising and represents about 400,000 race and show horses throughout the world. After successfully treating equine athletes in Singapore with the Equine Painshield®, Mano decided to distribute our product. This is a validation of our product which reduces pain and healing time to two weeks, allowing equine race and show owners to reduce costs and downtime."
"We are also developing new medical devices based on our proprietary and patented low intensity surface acoustic wave technology, including a head band like applicator for the facial rejuvenation market called Renooskin™. Based on promising results of clinical preliminary research of Renooskin™ that confirmed our ultrasound technology enhances human skin regeneration comparable to Retinol A, a well-accepted anti-aging cream, we are continuing with a pilot trial with a cosmetic dermatologist. Our latest device is LungShield™, a SAW ultrasound device to manage biofilm adhesion and infection in endotracheal tubes. LungShield™ is currently being studied in a hospital setting to determine its efficacy for reducing infection and pain. Infection in endotracheal tubes is a common problem in hospitals."
"We have maintained a solid balance sheet and continue to carefully manage our expenses while continuing to fund product development, clinical trials for additional 510(k) clearances, and a strategically focused marketing program. At the same time, we are seeking out and evaluating potential distribution partners for our innovative ultrasound devices in the U.S. and Europe. Overall, we are extremely pleased with our progress and look forward to announcing additional developments in the near future."
NanoVibronix Inc. is a medical device company headquartered in Elmsford, NY with research and development in Nesher, Israel, that is focused on developing medical devices utilizing its proprietary and patented low intensity surface acoustic wave technology. The company's groundbreaking technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications. The devices accelerate wound healing and provide pain relief. The devices can also be administered at home, without the assistance of medical professionals. The company's products include PainShield® and WoundShield™, which both have CE Mark. The PainShield™ also has FDA clearance. NanoVibronix's catheter based products include the UroShield™ and NG-Shield™ that are both CE Marked. Additional information about the company is available at: www.nanovibronix.com.
SAFE HARBOR STATEMENT: This release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, and are made in reliance upon the protections provided by such Acts for forward-looking statements. We have identified forward-looking statements by using words such as "expect," "believe," and "should." Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form SEC filings.