NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company that produces the UroShield®, PainShield® and WoundShield®, and WoundShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, announced that it signed a license agreement with Sanuwave Health, Inc. for the manufacture and delivery of its WoundShield technology.
Under the terms of the agreement, NanoVibronix will receive 100,000 warrants of Sanuwave stock, a $250,000milestone payment based on FDA approval, and 10% royalty on Sanuwave’s gross revenues from sales or rentals of WoundShield. In return, Sanuwave has received the worldwide, exclusive rights to the company’s WoundShield product and technology. In addition, Sanuwave will bear the costs and clinical validation responsibilities associated with obtaining approval for WoundShield from the U.S. Food and Drug Administration and other regulatory agencies around the world.
“Licensing our WoundShield technology with a leader in wound care devices provides a pathway for worldwide distribution and a growing royalty revenue stream on future sales,” said Brian Murphy, CEO of NanoVibronix. “This agreement is consistent with our strategy of partnering with category leaders with significant sales resources in our key technology markets with UroShield, PainShield and now WoundShield.”
WoundShield is an advanced therapeutic ultrasound system that is intended to accelerate wound healing by increasing blood flow and oxygenation of tissue. The system includes a portable, battery-powered electronic unit that delivers localized energy via an actuator that is applied adjacent to the wound creating a therapeutic effect without interfering with the wound dressing. WoundShield may be integrated with Negative Pressure Wound Therapy to provide a synergetic wound healing effect by angiogenesis and tissue regeneration resulting from a further increase in fibroblast migration
“We are excited to license WoundShield as many of our existing Key Opinion Leaders (KOL’s) have mentioned how synergistic such a product would be to compliment dermaPACE system,” commented Kevin A. Richardson II CEO and Chairman of Sanuwave. “Sanuwave has an established international distribution network which we will initially leverage to grow and establish WoundShield and we plan to begin clinical work in the U.S. in the third quarter of 2020. We are glad to be collaborating with other innovative companies we have known for many years.”
Source: Company Press Release
