electroCore, Inc. Announces Agreement with Spark Biomedical Inc. to Distribute Sparrow Ascent for Opioid Withdrawal
Rhea-AI Summary
electroCore (NASDAQ: ECOR) has announced a distribution agreement with Spark Biomedical Inc. to distribute Sparrow Ascent™ within certain Department of Veterans Affairs (VA) facilities. Sparrow Ascent is an FDA-cleared non-invasive transcutaneous auricular neuromodulation device prescribed for treating opioid withdrawal symptoms.
The partnership aims to leverage electroCore's established distribution network to expand access to this drug-free, wearable neurostimulation solution for veterans. The Sparrow Ascent therapy complements electroCore's existing gammaCore™ therapy portfolio, offering VA customers a non-addictive treatment option for opioid withdrawal symptoms.
Positive
- Expansion of product portfolio in VA facilities
- Leveraging existing distribution network for new revenue stream
- Strategic entry into opioid withdrawal treatment market
Negative
- None.
News Market Reaction – ECOR
On the day this news was published, ECOR gained 0.13%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ROCKAWAY, N.J., Feb. 27, 2025 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, announced today that Sparrow Ascent™ by Spark Biomedical, an FDA cleared non-invasive transcutaneous auricular neuromodulation device available by prescription for the treatment of opioid withdrawal symptoms, will be distributed by electroCore, Inc. within certain Department of Veterans Affairs (VA) facilities.
“At Spark Biomedical, we are dedicated to pioneering drug-free, wearable neurostimulation solutions that address critical gaps in addiction treatment," said Daniel Powell, Chief Executive Officer of Spark Biomedical, Inc. "This partnership with electroCore represents a significant step forward in expanding access to the Sparrow Ascent™ within VA facilities, offering veterans a clinically validated, FDA-cleared, non-invasive treatment for opioid withdrawal symptoms. By leveraging electroCore’s established distribution network, we can help more veterans begin their journey to recovery with an effective, drug-free option.”
“We are thrilled to be adding the Sparrow Ascent treatment into our distribution network within the VA hospital system,” commented Dan Goldberger, Chief Executive Officer of electroCore. “We have made considerable progress building our commercial sales organization and continue to look for unique and complementary therapies which can be made available to our customer base. The drug-free, non-addictive, wearable Sparrow Ascent therapy is ideal for veterans suffering from opioid withdrawal symptoms, and we believe it will be well adopted by customers who utilize neuromodulation devices such as our existing gammaCore™ therapy to treat medical conditions.”
About Spark Biomedical
Spark Biomedical, Inc. is a leading U.S.-based medical device developer, committed to unlocking the potential of bioelectronic medicine and bringing to market novel wearable neurostimulation treatment options in behavioral health, women’s health, hemostasis, pediatrics, and chronic pain.
Spark leverages its neuroscience and engineering expertise to empower healthcare providers and researchers with innovative, evidence-based tools designed to address complex care situations which exceed the capabilities of existing treatment options. Spark has received funding from federal institutions, such as the NIH and DoD, and continues to partner with private and academic institutions. Spark Biomedical is empowering a better way forward for the future of patient care and medical technology.
For more information, visit sparkmedical.com.
About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine and wellness company dedicated to improving health and promoting general wellness through its non-invasive vagus nerve stimulation (“nVNS”) technology platform. The Company is focused on commercializing medical devices for managing and treating certain medical conditions and consumer product offerings utilizing nVNS to promote general wellbeing and human performance in the United States and select overseas markets.
For more information, visit www.electrocore.com.
Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore's business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; the company’s business prospects for distribution of Sparrow Ascent™ for opioid withdrawal symptoms within certain VA facilities or other new markets or other distribution agreements and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will," "expects," "believes," "intends," other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.
Contact:
ECOR Investor Relations
(973) 302-9253
investors@electrocore.com
FAQ
What is the new distribution agreement between electroCore (ECOR) and Spark Biomedical?
How does the Sparrow Ascent device distributed by ECOR work?
What market segment will ECOR target with the Sparrow Ascent distribution?
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