Full Press Release Details
Technologies Signs a Strategic Agreement in the U.S. to
Target $212 Million for Inspira Over a 7-Year Period, Subject to
is with U.S. based Glo-Med Networks for the potential
deployment of 2,121 ART Systems in 6 U.S. States
Israel, January 31, 2022 - Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN, IINNW) (the "Company" or "Inspira
Technologies"), a groundbreaking respiratory support technology company, announced today that it has signed an exclusive
summary distribution agreement with Glo-Med Networks Inc. ("Glo-Med"), for distribution across 6 states in the United States
(Texas, New Jersey, New York, Florida, North Carlina and South Carolina).
Glo-Med targets to meet the growing demand for
innovative medical devices and related products in domestic and international markets. Glo-Med maintains extensive access to next generation
medical products globally via long-term partnerships and relationships with medical providers, as well as through their sister company,
Med-Stat Consulting Services, Inc.
The summary distribution agreement will be followed
by a more comprehensive agreement. The agreement with Glo-Med follows the distribution agreements signed in the last quarter of 2021 targeting
approximately $174 million in Europe (Spain, Portugal, Poland, Czech Republic and Slovakia) subject to regulatory approvals. The agreement
with Glo-Med has an initial term of 7 years, subject to the completion of product development and relevant regulatory approval. The parties
will collaborate on the marketing and deployment of the ART system, designed to treat deteriorating respiratory failure patients, while
they are awake and spontaneously breathing. The ART, an early extracorporeal respiratory support system, has the potential to minimize
the need for invasive mechanical ventilation.
Pursuant to the agreement, and in order to maintain
exclusivity in the territory, Glo-Med Networks has committed to purchase a minimum order of 2,121 ART systems and 131,413 disposable units
for deployment at hospitals and medical centers, subject to regulatory approvals for the sale and marketing of the ART systems in the
6 states in the United States as mentioned above.
Joe Hayon, Inspira Technologies' Co-Founder,
President and Chief Financial Officer, stated: "It is an important milestone in the Company's strategy to setup the infrastructure
to penetrate the U.S. market. It's an honor for us to work with Glo-Med Networks, and we are looking forward to a fruitful collaboration
that may benefit the patient population to improve patient's outcome. Upon approval of our ART by relevant regulatory authorities, the
U.S. market size can provide Inspira Technologies a potential for the deployment of the ART. The Company is developing further infrastructure
to penetrate the remaining U.S. states to adopt the ART system."
Matus Knoblich, Glo-Med's
CEO, stated: "The COVID-19 pandemic has demonstrated the effectiveness of extracorporeal respiratory systems, which have been
difficult to access due to their high cost and the large human resources they are required to operate. The ART system is designed to address
these challenges and has the potential to meet the unmet need of the medical community and the large patient population with acute respiratory
failure. The ART system may become a game changer for the industry, and we are excited and honored to be a strategic and exclusive distributor
for Inspira Technologies in the United States."
About Inspira Technologies OXY B.H.N. Ltd.
Inspira Technologies
is an innovative medical device company in the respiratory care industry. Inspira is developing the ART system, a cost effective early
extracorporeal respiratory support system with an intent to function as an "Artificial Lung" for deteriorating respiratory
patients. The ART system is designed to utilize a hemo-protective flow approach aimed to rebalance saturation levels while patients are
awake and breathing, potentially minimizing the patient's need for mechanical ventilation. The Company's product has not yet been
tested or used in humans and has not been approved by the U.S. Food and Drug Administration (FDA) or the CE or other required regulatory
For more information,
please visit our corporate website: www.inspirao2.com
About Glo-Med Networks
Networks Incorporated was founded in 2016 to meet the continuously growing demand for innovative medical devices and related products
in domestic and international markets. Glo-Med maintains extensive access to next generation medical products globally via long-term partnerships
and relationships with medical providers, as well as through their sister company focused on medical device servicing with a focus
on hospital beds and medical mattresses, Med-Stat Consulting Services, Inc. (est. 2003) ("Med-Stat"). Along with the largest
and most prominent healthcare organizations in New York and Florida as its clients, Glo-Med has offices and partner companies in Europe,
the Middle East and Africa, providing extensive access to the global medical network. Service support provided by Med-Stat grants customers full
access to highly skilled technicians who can provide continuous service and support for their medical devices. As the name states, Glo-Med
is your access to the global medical network.
more information, please visit our corporate website: www.glomednet.com
Statement Disclaimer
press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. For example, the Company
is using forward-looking statements when it discusses the terms of an exclusive distribution agreement with Glo-Med, the ART's
potential to minimize the need for invasive mechanical ventilation, the regulatory approvals for the sale and marketing of the ART systems
in the United States, that fruitful collaboration between the Company and Glo-Med may benefit the patient population to improve patient's
outcome, and that the ART system may become a game changer for the industry. These forward-looking
statements and their implications are based on the current expectations of the management of the Company only 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 Registration Statement on Form F-1 filed with the SEC, which is available on the SEC's website, www.sec.gov.
Miri Segal, Investor Relations, MS-IR LLC
+917-607-8654, msegal@ms-ir.com