SOURCE: Zynex, Inc.

Zynex,  Inc.

November 20, 2014 08:56 ET

Zynex Achieves Compound Pharmacy License Approval in 40th State

LONE TREE, CO--(Marketwired - Nov 20, 2014) - Zynex, Inc. (OTCQB: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, stroke rehabilitation, neurological diagnostics, and compound pain creams, announced today that it attained compound pharmacy licensing approval in the state of Iowa, marking its fortieth state approval.

Thomas Sandgaard, CEO of Zynex commented, "We are pleased to have reached approvals in forty states less than a year after DEA certification for our in-house compound pharmacy. We began operating a non-sterile compound pharmacy and marketing our own proprietary 'Pharmazy' branded pain creams alongside electrotherapy products in 2014, to offer doctors a unique range of conservative pain management solutions. We are seeing a meaningful revenue contribution now from our compound pharmacy initiative, and are encouraged by these results.

"We are also making progress on the development of the Blood Volume Monitor with additional beta testing planned before year end, and a goal to file with the FDA in mid-2015. We believe there is a large unmet need for monitoring blood loss and fluid balance during surgery to insure for better patient outcomes."

About Zynex

Zynex, founded in 1996, operating the under its Zynex Medical subsidiary, engineers, manufactures, markets its own design of electrotherapy medical devices used for pain management and rehabilitation; and the company's proprietary NeuroMove device designed to help recovery of stroke and spinal cord injury patients. Zynex Medical's product lines are fully developed, FDA-cleared and commercially sold world-wide. Zynex Medical also operates a non-sterile compound pharmacy providing topical and transdermal pain creams. Zynex Billing and Consulting division provides medical billing and consulting service for offices and hospitals.

For additional information, please visit: www.ir-site.com/zynex.

Safe Harbor Statement

Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain additional capital or augment our liquidity in order to continue our business, the success of our compound pharmacy and international expansion efforts, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2013.

Contact Information

  • Contact:
    Zynex, Inc.
    303-703-4906