|NanoVibronix Enters Collaboration Agreement with Fritz Clinic to Offer PainShield® as an Alternative to Opioids for Pain Management|
|By: Nasdaq / GlobenewsWire - 11 Jan 2019||Back to overview list
ELMSFORD, N.Y., Jan. 11, 2019 (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 that it has entered into a collaboration agreement with the Fritz Clinic, which operates 7 locations in North America dedicated to wellness, longevity, and preventative medicine, including comprehensive services related to opiate dependency and drug detox. Fritz Clinic intends to offer its patients NanoVibronix’s PainShield® as an alternative treatment option for pain, and to aid in decreasing the dependency on opioids for pain relief.
Dr. Lyman “Woodie” Fritz, founder of the Fritz Clinic, stated, “For the past 15 years, our practice has focused on providing health and wellness protocols to enhance longevity and quality of life. We have developed one of the largest specialized opioid addiction centers in the southeast, and currently treat several thousand patients a month by helping them overcome opioid dependence and misuse. Unfortunately, a large percentage of these patients suffer from true, chronic pain such as sciatic back pain, plantar fasciitis, join pain from injuries or arthritis, and other conditions. The difficult challenge involves getting people off addictive pain pills, while trying to solve chronic pain issues. I was recently introduced to PainShield, which offers immediate pain reduction and relief without having to resort to addictive opioids. I believe that PainShield is a true game-changer for the vast majority of patients suffering from chronic pain. This FDA approved device provides significant pain relief for most patients, including those addicted to pain medication.”
Randall Rysedorph, President of the Fritz Clinic, further noted, “On a personal note, I searched unsuccessfully for 2 years for something to relieve my own severe sciatic nerve pain that only occurred during sleep. I tried chiropractic care, deep tissue massage and an MRI scan only to find no apparent spinal issues. The first night with the NanoVibronix PainShield yielded nearly a full night's rest. During the last 3 months it has become part of my nightly ritual and I have minimal discomfort. I can now sleep 8 hours each night. It has changed my life.”
Mr. Rysedorph continued, “There is wide discussion about addiction and abuse of pain pills in America. The ones who are forgotten are patients with real pain issues. These patients have now become defendants to accusations and query. New rules in 2019 will make it harder for caring physicians to take care of these patients. We are very excited to be ahead of the curve. To provide true pain relief without having to write opiate prescriptions is the future. It is also exciting to have a decent profit model that still provides the patient with affordable and effective care. Our goal 15 years ago was to be a pioneer in our efforts to look for solutions through good medicine instead of simply treating symptoms. As a wellness practice, it is our duty to search for real answers to real problems.”
Brian Murphy, Chief Executive Officer of NanoVibronix, commented, “We are honored to collaborate with the Fritz Clinic, which has been at the forefront of tackling the opioid epidemic. As a leader in the field of opioid addiction, we support Dr. Fritz’ approach in aiding patients with opioid dependence and providing them with alternative treatments to address the underlying cause of pain, rather than simply masking it with pain killers.”
PainShield is an ultrasound device, consisting of a reusable driver unit and a disposable patch, which contains a proprietary therapeutic transducer. PainShield delivers a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area, while keeping the level of ultrasound energy at a safe and consistent level. Its range of applications includes acute and chronic pain resolution through its many mechanisms of action. The product has been acknowledged by several sports icons and has broad applications for sports and other injuries. PainShield is able to provide the patient with ultrasound therapy without being located in a health care facility or clinic due to the fact it is portable, lightweight, and does not require administration by medical personnel. PainShield can be used by patients at home or work or in a clinical setting and can be used even while the patient is sleeping. Patient benefits include ease of application and use, faster recovery time, high compliance, and increased safety and efficacy over existing devices that rely on higher-frequency ultrasound.
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.
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