Full Press Release Details
ROCKAWAY, N.J., March 31, 2025 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, announced today that electroCore has received a new Federal Supply Schedule (FSS) contract, with an effective date of June 15, 2025 and running through June 14, 2030.
“Obtaining a follow-on contract in this macro environment is a tremendous vote of confidence by the Veterans Affairs (VA) FSS Service, demonstrating that gammaCore continues to be a cost effective therapeutic benefiting our veterans,” commented Dan Goldberger, Chief Executive Officer of electroCore. “VA Hospital revenue accelerated in February and March, after modest slowing in January 2025, reflecting continued demand for this drug-free method for addressing migraine headaches.”
Mr. Goldberger continued, “On March 3, 2025, the VA terminated 585 non-mission critical or duplicative contracts following review by the new administration. This award of a new, five-year contract following such an audit further validates the value we provide the VA system and our veterans. We are greatly appreciative of the support we received during this two-year process from our FSS contract officer in ensuring our veterans have access to our non-opioid pain solution.” For more information regarding review and termination of VA contracts by the new administration, visit VA Press Release.
The new contract has a five-year term and contains customary revisions, including prompt pay discounts and volume rebates on revenues greater than $10 million in a calendar year. We will continue to operate under the current contract until June 15, 2025, at which time the new 5 year contract will become effective.
About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine and wellness company dedicated to improving health and promoting general wellness through its non-invasive vagus nerve stimulation (“nVNS”) technology platform. The Company is focused on commercializing medical devices for managing and treating certain medical conditions and consumer product offerings utilizing nVNS to promote general wellbeing and human performance in the United States and select overseas markets.
For more information, visit www.electrocore.com.
Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore's business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; the Company’s business prospects through the new FSS contract and availability to FSS eligible entities or other new markets or other distribution agreements and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will," "expects," "believes," "intends," other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.