ELMSFORD, New York—NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company that produces the UroShield, PainShield and WoundShield Surface Acoustic Wave (SAW) portable ultrasonic therapeutic devices, announced it has conditionally extended its distribution agreement with Ultra Pain Products, Inc. (“UPPI”) for the company’s PainShield and PainShield Plus.
Under the terms of the extended agreement, UPPI will continue to be the exclusive distributor of PainShield and PainShield Plus devices to the durable medical equipment distribution sector of the health care market in the United States. The agreement provides for an immediate re-stocking order and minimum purchase guarantees through the end of 2023.
“Since executing the original distribution agreement in 2020, UPPI has grown to be our largest distributor of PainShield and PainShield Plus," said Brian Murphy, chief executive officer of NanoVibronix, Inc. "The team at UPPI understands the importance of providing clinicians and patients with non-narcotic/non-opiate clinically-supported modalities to reduce the economic burden on the health care system and limit the amount of lost working days for injured workers, which makes them a valuable channel for our products.
“Our efforts to obtain full approval from the Centers for Medicare & Medicaid Services (CMS) continue. We submitted the final report with our application to CMS in March 2023, and we remain hopeful for a favorable outcome. If approved, reimbursements could begin as early as Oct. 1 of this year. The new agreement with UPPI takes into consideration approval from CMS and provides for modifications that consider the opportunities afforded through reimbursement.”
