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NanoVibronix Announces Selection of Leading International Contract Manufacturer to Support Rapid Scale-up, Lower Price Points and Enhance Profitability
ELMSFORD, N.Y., Dec. 11, 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 appointed Quasar as its contract manufacturer for the PainShield®, UroShield®, WoundShield® as well as other devices.
Quasar (http://www.quasar-med.com/) is a medical device manufacturer with over 30 years of experience, serving major brands worldwide, with complex catheters, disposables, and FDA regulated assemblies. Quasar delivers a full lifecycle array of engineering services, including design-to-cost, jigs and tool design, as well as unique production process-design services that allow for the highest levels of efficiency and productivity. Quasar is ISO9001 and ISO13485 certified, as well as FDA registered.
Brian Murphy, Chief Executive Officer of NanoVibronix, commented, "We are delighted to announce the timely selection of Quasar as we begin our commercial ramp-up. Quasar brings decades of medical device manufacturing experience in China with on-site western ownership and management. Their turnkey solutions include supply chain management, production and quality engineering, manufacturing, testing and logistics. They have a demonstrated track record working with leading medical device companies and the ability to ensure high quality, high volume production to support our aggressive growth plans. By outsourcing manufacturing, we expect to generate meaningful cost savings, which should allow us to lower our selling price, increase production to meet revenue expectations, open additional markets, and improve profitability.”
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.