Full Press Release Details
Enters into a Distribution Agreement in Central America with CIO MED GROUP
agreement to potentially generate $28 million, mainly in recurring revenues from disposable kits
over a five year period following a
Israel, October 10, 2023 - Inspira Technologies OXY BHN Ltd. (Nasdaq: IINN, IINNW) (the "Company" or
"Inspira Technologies"), a company aiming to bring a paradigm shift to acute respiratory care by empowering breathing without
lungs to minimize the need for mechanical ventilation systems, announced today that it had signed a distribution agreement (the "Agreement")
with CIO MED GROUP, CORP., a leading technology and medical devices distributor in Central America.
Agreement to potentially generate $28 million, mainly in recurring revenues from disposable kits over five years, subject to the receipt
of regulatory approval. The parties will collaborate on the marketing and the deployment of the INSPIRA ART device line
and disposable kits in Central America. This includes the INSPIRA ART100, a cardio-pulmonary
bypass device (CPB), which was recently submitted for U.S. Food & Drug Administration (FDA) clearance with an expected approval
timeline of approximately six months, or the first half of 2024.
addition to the INSPIRA ART100 device intended for patients undergoing CPB procedures, the Agreement also includes both the flagship
INSPIRA ART500 device and HYLA Blood Sensor Technology, as well as disposable kits to be used with these
Inspira Technologies devices in the procedures.
flagship INSPIRA ART500 device and disposable kits are being designed to provide acute respiratory support, which forms a part of the
Company's vision to transform external breathing assistance for over 20 million patients annually and to reduce reliance on mechanical
ventilation. Currently, these patients require ventilation and oxygenation via external mechanical ventilation machinery that often causes
multiple complications leading to physical damage, infection, and even death.
Hayon, president and co-founder of Inspira Technologies, stated, " In this Agreement, we are expanding our offering of innovative
products to eight countries in Central America, led by Mexico."
Inspira Technologies OXY BHN Ltd.
Technologies maintains a steadfast mission to revolutionize acute respiratory care through innovation. The Company's primary objective
is the development of medical technologies and products aimed at preventing the necessity of mechanical ventilation. Its flagship product,
the INSPIRA ART500, is intricately designed to rapidly elevate blood oxygen saturation levels, all while keeping patients conscious and
alert. Moreover, the Company is dedicated to providing advanced blood circulation technology and integrating AI-driven monitoring and
analytics. These elements combine to create patient-centric, data-driven solutions, ultimately enhancing patient outcomes and optimizing
hospital efficiency.
more information, please visit: https://inspira-technologies.com.
Statement Disclaimer
press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. These forward-looking
statements and their implications are based on the current expectations of the management of the Company only. They are subject to several
factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
For example, the Company uses forward-looking statements when discussing the potential generation of $28 million under this Agreement,
the parties' collaboration on the marketing and deployment of the INSPIRA ART device line under the Agreement, the prospective
completion and timing of regulatory approvals, the prospective clearance of the INSPIRA ART100, and that the Agreement represents an
opportunity to expand the Company's offering of its products to the medical community. The Company's products have not yet
been tested or used in humans and have not been approved by the U.S. Food & Drug Administration (FDA) or any other regulatory entity.
With the exception of the INSPIRA ART100 device, recently submitted to the FDA for regulatory clearance, other Company products are still
in the research and development stage. These forward-looking statements and their implications are based solely on the current expectations
of the Company's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to
publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained
under the heading "Risk Factors" in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2022, filed
with the US Securities and Exchange Commission (the "SEC"), which is available on the SEC's website, www.sec.gov.
Public Relations Manager
Inspira Technologies