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NanoVibronix Announces Expanded Agreement with MDS Pharm Ltd. to Include Distribution of UroShield® in Israel
ELMSFORD, N.Y., Dec. 27, 2018 (GLOBE NEWSWIRE) -- NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company utilizing the Company’s proprietary and patented low intensity surface acoustic wave (SAW) technology, today announced it has expanded its distribution agreement with MDS. Pharm Ltd., NanoVibronix’s current PainShield® and WoundShield® distributor in Israel, to market and distribute NanoVibronix’s UroShield® in Israel.
MDS Pharm Ltd. is a leading distributor of medical equipment for home-care and self-diagnostics. An integral element of the company’s mission is to provide customers with alternatives to medication and/or pain relief drugs. MDS has an established distribution network in Israel that includes health insurance providers, private pharmacies, health stores, beautician centers, private clinics, and leading health websites.
UroShield™ is an ultrasound-based product that is designed to prevent bacterial colonization and biofilm on indwelling urinary catheters and increase antibiotic efficacy, ultimately reducing the incidence of catheter-associated urinary tract infections (CAUTI). UroShield is also intended to decrease pain and discomfort associated with urinary catheter use.
Dorit Grinberg, CEO of MDS Pharm Ltd., commented, “We are pleased to add an additional product line to our existing distribution agreement, strengthening the partnership between our companies. This enables MDS to take further steps towards our mission of providing customers with alternatives to medication, in this case potentially preventing the need for antibiotics that would traditionally be used to combat catheter associated urinary tract infections.”
Brian Murphy, CEO of NanoVibronix, stated, “We are excited to have UroShield® as an additional product for distribution in Israel, as catheter-associated UTIs accounted for approximately 50% of healthcare acquired bacteremia in long term care facilities. Israel is an attractive market for our products and MDS brings an established distribution network.”
NanoVibronix Inc. (NASDAQ: NAOV) is a medical device company headquartered in Elmsford, New York 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 technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including the disruption of biofilms and bacteria colonization, as well as providing pain relief. The devices can be administered at home, without the assistance of medical professionals. The company's primary products include PainShield, UroShield and WoundShield. Additional information about the company is available at: www.nanovibronix.com.
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 and 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) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. 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.