Inspira Technologies Signs Strategic Agreement with Innovimed for the Potential Deployment of 1,522 ART Systems in Poland, Czech Republic & Slovakia
10 December 2021 - 4:17AM
InvestorsHub NewsWire
RA'ANANA, Israel, Dec. 9, 2021 -- InvestorsHub
NewsWire -- Inspira Technologies OXY B.H.N.
Ltd. (Nasdaq: IINN) (Nasdaq: IINNW) (the "Company" or "Inspira
Technologies"), a groundbreaking respiratory support technology
company, announced today that it has signed an exclusive summary
distribution agreement with Innovimed Sp. z o.o ("Innovimed"), a
master distributor specializing in state-of-the-art medical
solutions in Eastern Europe, Middle East and
Africa. The Innovimed leadership team, have decades of
experience with sales, marketing and distribution with medical
devices in global healthcare industry companies including Baxter
(AG).
The summary distribution agreement will be followed by a more
comprehensive agreement, follows the distribution agreement signed
last month with WAAS Group for potential $66
million in Spain & Portugal. The agreement
entered has an initial term of 7 years, subject to completion of
product development and regulatory approval. The parties will
collaborate on the marketing and deployment of the ART device,
designed to treat deteriorating respiratory failure patients, while
they are awake and breathing. The ART, an early extracorporeal
respiratory support system, has the potential to minimize the need
for invasive mechanical ventilation across Poland, Czech
Republic and Slovakia.
According to the agreement, and in order to maintain exclusivity
in the territory, Innovimed has committed to purchase minimum
orders of 1,552 ART devices and 59,040 disposable units for
deployment at hospitals and medical centers, subject to regulatory
approvals for the sale and marketing of the ART devices
in Poland, Czech Republic and Slovakia.
"Poland, Czech Republic and Slovakia are
very interesting markets for Inspira's ART device. The
extracorporeal membrane oxygenation (ECMO) program for Greater
Poland' takes full advantage of the ECMO perfusion therapy
opportunities to promote the health of citizens in the
region. I believe that this program may lead to an expedited
adoption of the ART device based on extracorporeal respiratory
approach in these markets," stated Joe Hayon, Inspira
Technologies' Co-Founder, President and Chief Financial
Officer.
Michal Maciazek, Managing Partner at Innovimed, stated:
"Innovimed aims to contribute to its patients health by offering an
innovative, unique and state-of-the-art range of medical solutions
impacting progress in their medical therapy. We found Inspira's ART
device as one of these potential solutions that may change the life
of acute respiratory failure patients in Poland, Czech
Republic and Slovakia. We plan to explore the
distribution of the innovative ART device in additional
regions."
About Inspira Technologies OXY B.H.N. Ltd.
Inspira Technologies is an innovative medical device company in
the respiratory care industry. Inspira is developing the ART
device, a cost effective early extracorporeal respiratory support
system with an intent to function as an "Artificial Lung"for
deteriorating respiratory patients. The ART device designed to
utilize a hemo-protective flow approach aimed to rebalance
saturation levels while patients are awake and breathing,
potentially minimizing the patient's need for mechanical
ventilation. The Company's product has not yet been tested or used
in humans and has not been approved by the U.S. Food and Drug
Administration (FDA) or the CE or other required regulatory
agencies.
For more information, please visit our corporate
website: www.inspirao2.com
About INNOVIMED
The company was established to support global companies with
starting business in the emerging markets. Through long-lasting
carriers within MedTech and Pharma businesses in the East
Europe and Africa we gained necessary knowledge and
experience to offer our services. We have our HQ located in UAE and
the second office located in Europe to make cooperation
with companies even easier. We offer our deep knowledge of the
Region combined with strategic approach to support launch of your
products here in the Region.
For more information, please visit our corporate
website: https://innovimed.com
Forward-Looking Statement Disclaimer
This press release contains express or implied forward-looking
statements pursuant to U.S. Federal securities laws. For example,
the Company is using forward-looking statements when it discusses
the terms of an exclusive distribution agreement with Innovimed,
the plan to sign a more comprehensive agreement, the potential
revenue to Inspira Technologies, the minimum purchase targets under
the agreement, that this program may lead to an expedited
adoption of the ART device based on extracorporeal respiratory
approach in these markets, the parties' plan to explore additional
regions and collaboration on the marketing and deployment of the
ART device and that the ART has the potential to minimize the need
for mechanical ventilation across Poland, Czech
Republic and Slovakia. These forward-looking statements
and their implications are based on the current expectations of the
management of the Company only and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
Except as otherwise required by law, the Company undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. More detailed information about the risks and uncertainties
affecting the Company is contained under the heading "Risk Factors"
in the Company's Registration Statement on Form F-1 filed with the
SEC, which is available on the SEC's website, www.sec.gov.
For more details:
Miri Segal, Investor Relations, MS-IR LLC
+917-607-8654, msegal@ms-ir.com
SOURCE Inspira Technologies
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