RA'ANANA, Israel - Inspira Technologies OXY B.H.N. Ltd. (NASDAQ:IINN, IINNW), a developer of advanced life support technology, has announced a strategic distribution agreement with Glo-Med Networks Inc. This partnership designates Glo-Med as the primary distributor for Inspira in the United States, with a focus on the deployment of the INSPIRA ART100 system, a device cleared by the FDA for Cardiopulmonary Bypass (CPB) procedures.
The Florida-based distribution facility will be pivotal in supporting the INSPIRA ART100 system's deployment and maintenance, with potential future expansion to additional products. Glo-Med will manage the facility, which will also offer customer support and certified aftermarket services through a collaboration with Med-Stat Consulting Services, a national biomedical engineering services firm.
Joe Hayon, co-founder and President of Inspira Technologies, emphasized the significance of the agreement in bringing the company's innovative technologies to the market, particularly in anticipation of the future launch of their flagship INSPIRA ART device and other products in development.
Matus Knoblich, CEO of Glo-Med, expressed confidence that the integration of Glo-Med's distribution network with Med-Stat's service capabilities will offer a high level of support and service within the industry, fostering growth for Inspira Technologies' brand and user experience.
Inspira Technologies has developed the INSPIRA ART, a device intended to transform the mechanical ventilation market with its Augmented Respiration Technology. The INSPIRA ART is designed to quickly elevate blood oxygen levels in acute respiratory failure patients without the need for mechanical ventilation. The company anticipates tapping into a potential $19 billion market, targeting 20 million patients annually.
The INSPIRA ART100, which has obtained FDA 510(k) clearance for CPB procedures, is part of a broader portfolio that includes the INSPIRA ART500, the INSPIRA Cardi-ART, the VORTX orbiting Oxygen Delivery System, and the HYLA blood sensor, all of which are currently under development and not yet approved for use.
The information presented is based on a press release statement from Inspira Technologies.
In other recent news, Inspira Technologies has secured a new U.S. patent for its VORTX™ orbiting blood oxygenation delivery system, a key feature of the INSPIRA™ ART device. The company's INSPIRA™ ART100 system, which received FDA 510(k) clearance for use in cardiopulmonary bypass procedures, is expected to be introduced in leading hospitals in the U.S. and Israel.
Inspira Technologies also announced plans to publish clinical results for its HYLA™ blood sensor, a real-time continuous blood monitoring device, in the fourth quarter of 2024. The company is expanding its blood testing facilities to expedite the development of the sensor and plans to submit a 510(k) application to the FDA in early 2025.
Additionally, the company's INSPIRA™ CART, designed for use with the INSPIRA™ ART100 system, has been listed by the FDA. Inspira received an initial purchase order for five INSPIRA™ ART100 systems from Glo-Med Networks, Inc. The company is also developing products such as the INSPIRA™ ART (Gen 2) and the INSPIRA™ Cardi-ART, although these have not yet been tested on humans or approved by regulatory entities.
These recent developments are part of Inspira's ongoing efforts to advance medical technology and enhance patient care. The company also secured a direct share offering, expected to yield proceeds of $1.65 million, for working capital and general corporate purposes. It is important to note that Inspira's forward-looking statements are subject to various risks and uncertainties.
InvestingPro Insights
As Inspira Technologies (NASDAQ:IINN) moves forward with its strategic distribution agreement, investors should consider some key financial metrics and insights from InvestingPro. The company's market capitalization stands at $25.72 million, reflecting its current position as a small-cap player in the medical technology sector.
InvestingPro data reveals that Inspira has seen a strong return over the last month and three months, with price total returns of 13.93% and 27.52% respectively. This recent positive momentum aligns with the company's strategic moves, such as the distribution agreement with Glo-Med Networks.
However, it's important to note that Inspira faces some financial challenges. An InvestingPro Tip indicates that the company is quickly burning through cash, which is a critical factor to consider given the capital-intensive nature of developing and commercializing medical devices like the INSPIRA ART100 system.
Another InvestingPro Tip highlights that Inspira holds more cash than debt on its balance sheet. This could provide some financial flexibility as the company works towards expanding its product portfolio and market presence.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for Inspira Technologies, providing a deeper understanding of the company's financial health and market position.
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