NanoVibronix Signs Agreement for Research and Development of Next Generation PainShield and UroShield
NanoVibronix, Inc. (NAOV) partners with Veranex, Inc. to enhance UroShield and PainShield products, aiming to add therapeutic functionality and cut costs. The collaboration focuses on research and development services to innovate the next generation of devices, ensuring improved quality and reduced expenses.
The collaboration between NanoVibronix and Veranex signals a strategic move by NanoVibronix to enhance its product offerings in the medical device sector. The focus on adding therapeutic functionality and reducing costs is a response to the competitive pressures and the constant need for innovation in the medical device industry. By partnering with Veranex, which is known for its research and development capabilities, NanoVibronix is likely aiming to leverage external expertise to accelerate product development and improve its market position.
From a financial perspective, the reduction in the cost of goods sold (COGS) could lead to improved margins and profitability. However, the initial investment in R&D and the costs associated with the partnership may offset short-term financial gains. For stakeholders, the long-term benefits could include a stronger product line-up and competitive advantage, potentially leading to increased market share and revenue growth.
Entering into a development agreement with Veranex can be seen as a strategic initiative to stay competitive in the healthcare market, where technological advancements and cost efficiency are key drivers. The development of next-generation UroShield and PainShield products could address unmet needs in the market, potentially leading to increased adoption by clinicians and patients. This move might also be indicative of NanoVibronix's commitment to continuous improvement and customer satisfaction, which are important factors for success in the healthcare industry.
It's important to monitor how this partnership will affect NanoVibronix's market positioning and whether it will lead to significant advancements in the functionality of their products. The ability to offer enhanced products at a lower cost could make NanoVibronix a more attractive option for healthcare providers, which may influence the stock's performance in the long run.
03/28/2024 - 08:30 AM
Efforts Focused on Adding Therapeutic Functionality and Reducing Costs
ELMSFORD, N.Y. --(BUSINESS WIRE)--
NanoVibronix, Inc. (Nasdaq: NAOV) (“NanoVibronix” or the “Company”), a medical device company that produces the UroShield®, PainShield® and WoundShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced it has entered into an agreement with Veranex, Inc. (“Veranex”) to assist with the development of the company’s next generation UroShield and PainShield products.
Under the terms of the agreement, Veranex will provide certain research and development services as related to PainShield and UroShield.
Brian Murphy, Chief Executive Officer of NanoVibronix, Inc., said, “Teaming up with Veranex provides us with access to additional industry expertise and manufacturing know-how to further improve our products and stay ahead of the innovation curve. By working with an outside partner with proven methods and techniques to evolve our products, we believe we will be able to offer a next generation of products that not only increases clinician and patient satisfaction but also future-proofs the components and reduces our cost of goods.”
About Veranex, Inc.
From concept to commercialization, Veranex helps medtech leaders achieve product realization, innovation, clinical trial success, regulatory approval, reimbursement, EU MDR compliance, and preclinical evidence faster through proven expertise and resources. Our comprehensive approach ensures that all key functional areas are addressed with the highest level of attention to detail and commitment to success. We work in close partnership with clients globally to deliver solutions while ensuring the highest level of quality and compliance. For more information, visit Veranex.com and follow Veranex on LinkedIn .
About NanoVibronix
NanoVibronix, Inc. (Nasdaq: NAOV) is a medical device company headquartered in Elmsford, New York , with research and development in Nesher, Israel , focused on developing medical devices utilizing its patented low intensity surface acoustic wave (SAW) technology. The proprietary technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety to medical applications, including for disruption of biofilms and bacterial colonization, as well as for pain relief. The devices can be administered at home without the assistance of medical professionals. The Company’s primary products include PainShield® and UroShield®, which are portable devices suitable for administration at home without assistance of medical professionals. Additional information about NanoVibronix is available at: www.nanovibronix.com .
Forward-looking Statements
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; 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 or lengthy product delays in key markets; (ii) negative or unreliable clinical trial results; (iii) 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 subcontractor assistance; (viii) insufficient or inadequate reimbursements by governmental and/or other third party payers for our products; (ix) our ability to successfully obtain and maintain intellectual property protection covering our products; (x) legislative or regulatory reform impacting the healthcare system in the U.S. or in foreign jurisdictions; (xi) our reliance on single suppliers for certain product components, (xii) the need to raise additional capital to meet our future business requirements and obligations, given the fact that such capital may not be available, or may be costly, dilutive or difficult to obtain; (xiii) our conducting business in foreign jurisdictions exposing us to additional challenges, such as foreign currency exchange rate fluctuations, logistical and communications challenges, the burden and cost of compliance with foreign laws, and political and/or economic instabilities in specific jurisdictions; and (xiv) market and other conditions. 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, except as required by law.
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Investor Contacts:
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Source: NanoVibronix, Inc.
What is the ticker symbol for NanoVibronix, Inc.?
The ticker symbol for NanoVibronix, Inc. is NAOV.
Who did NanoVibronix, Inc. partner with to develop their UroShield and PainShield products?
NanoVibronix, Inc. partnered with Veranex, Inc. for the development of their UroShield and PainShield products.
What are the names of the devices produced by NanoVibronix, Inc.?
NanoVibronix, Inc. produces the UroShield®, PainShield®, and WoundShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices.
What services will Veranex, Inc. provide under the agreement with NanoVibronix, Inc.?
Veranex, Inc. will provide research and development services related to PainShield and UroShield under the agreement with NanoVibronix, Inc.
Who is the Chief Executive Officer of NanoVibronix, Inc.?
Brian Murphy is the Chief Executive Officer of NanoVibronix, Inc.
