Basket Village USA
Elmsford, NY, September 29, 2021 (GLOBE NEWSWIRE) – NanoVibronix, Inc., (NASDAQ: NAOV), a healthcare device company that today produces UroShield® and PainShield® Surface Acoustic Wave portable ultrasound therapy devices (SAW) announced its entry into the workers’ compensation market with the signing of a Supplier Participation Agreement with Orchid Medical, a national provider of integrated ancillary and surgical cost control solutions specifically for the workers’ compensation industry. The agreement facilitates reimbursement of the Company’s PainShield® product for eligible patients receiving benefits under a workers’ compensation plan, making it easier for plan beneficiaries to obtain the product for the treatment of pain.
Brian Murphy, CEO of Nanovibronix, said: “Signing this agreement with a national workers compensation payer marks our first entry into the workers compensation market and paves the way for easier access to PainShield for the management of pain resulting from occupational accidents. Orchid Medical is an established and reputable payer with an extensive network of worker compensation plans, case managers, and insurance companies that it supports. This agreement strengthens the applicability of PainShield and allows us to replicate similar agreements with additional payers and further extend reimbursable access to several thousand eligible beneficiaries.
Under the terms of the two-year agreement, NanoVibronix will supply Orchid Medical with initial supply kits and PainShield disposables at a fixed price. The agreement will renew automatically each year.
PainShield is an ultrasound device that produces a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area, while maintaining the level of ultrasound energy at a safe and constant level. Its range of applications includes the resolution of acute and chronic pain through its many mechanisms of action. The product has wide applications for sports injuries. PainShield can be used by patients at home, at work, or in a clinical setting and can be used even while the patient is sleeping. Benefits for patients include ease of application and use, faster recovery time, high compliance, and increased safety and efficiency over existing devices that rely on high frequency ultrasound.
About Orchid Medical
For nearly 20 years, Orchid Medical has been a leading national provider of ancillary and surgical cost control solutions specifically designed for the workers’ compensation industry. The company offers a wide range of medical management services, including durable medical equipment and supplies (EMR), orthotics and prosthetics, home care, complex care, home and vehicle modifications, diagnostic imaging, physical medicine, transportation and language, the Surgical Cost Management® program. , long-term care and monitoring of urinary drugs. Our clients include insurance companies, government agencies, third party administrators, managed care organizations, and self-insured employers.
About NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ: NAOV) is a medical device company headquartered in Elmsford, New York, with research and development activities in Nesher, Israel, focused on the development of medical devices using its patented technology of low intensity surface acoustic waves (SAW). The proprietary technology enables the creation of low frequency ultrasonic waves that can be used for a variety of medical applications, including disrupting biofilms and bacterial colonization, as well as relieving pain. The devices can be administered at home without the assistance of healthcare professionals. The Company’s main products include PainShield® and UroShield®, which are portable devices suitable for home administration without the assistance of healthcare professionals. Additional information on 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 “intentionâ€, “mayâ€, “willâ€, “plansâ€, “expectsâ€, “plansâ€, “projectsâ€, “predictsâ€, “estimatesâ€, “aimsâ€. , “Esteem”, “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 control of the Company and cannot be predicted or quantified; therefore, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties associated with: (i) the geographic, social and economic impact of COVID-19 on the Company’s ability to conduct its business and raise capital to future if necessary, (ii) market acceptance of our existing and new products or long product delays in key markets; (iii) negative or unreliable clinical trial results; (iv) failure to obtain regulatory approvals for the sale of our products; (v) intense competition in the medical device industry from much larger multinational companies; (vi) product liability claims; (vii) product malfunctions; (viii) our limited manufacturing capacities and our reliance on the assistance of subcontractors; (ix) insufficient or inadequate refunds by government and / or other third party payers for our products; (x) our ability to successfully obtain and maintain intellectual property protection covering our products; (xi) legislative or regulatory reform affecting the health care system in the United States or in foreign jurisdictions; (xii) our dependence on single-source suppliers for certain product components, (xiii) the need to raise additional capital to meet our future business requirements and obligations, as such capital may not be available, or may be expensive, dilutive, or difficult to obtain; (xiv) our business operations in foreign jurisdictions exposing us to additional challenges, such as exchange rate fluctuations, logistical and communication challenges, the burden and cost of compliance with foreign laws and political instabilities and / or economic in specific jurisdictions; and (xv) market and other conditions. More detailed information about the company and the risk factors that may affect the realization of forward-looking statements are presented in the documents filed by the company with the Securities and Exchange Commission (SEC), including the annual report of the company on the form 10-K and its quarterly reports. on Form 10-Q. Investors and security holders are encouraged to read these documents free of charge on the SEC’s website 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.
