What To Know
- Pursuant to the agreement, and in order to maintain exclusivity in the territory, Glo-Med has committed to purchase a minimum order of 3,889 HYLATM blood sensors and 264,873 disposable units for deployment at hospitals and medical centers, subject to regulatory approvals for the sale and marketing of the HYLATM blood sensor device in the 6 states within the United States.
- market, in addition to the agreement signed in January 2022, for the distribution of the Company's ART™ system, totaling Glo-Med's combined distribution target of Inspira's products at $271 million in 6 U.
Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN, IINNW) (the “Company” or “Inspira Technologies”), a groundbreaking respiratory support technology company, following yesterday’s announcement of the development of its new HYLA™ blood sensor, announced today that it has signed an exclusive summary distribution agreement with the U.S. based Glo-Med Networks (“Glo-Med”), for the distribution of the HYLA™ blood sensor device and disposable units across 6 states in the United States (Texas, New Jersey, New York, Florida, North Carlina and South Carolina).
The summary distribution agreement will be followed by a more comprehensive agreement. The agreement has an initial term of 3 years, subject to completion of product development and regulatory approvals. The parties will collaborate on the marketing and deployment of the HYLATM blood sensor. Without the need to take actual blood samples from patients, Inspira Technologies’ non-invasive optical blood sensor is being designed to perform real-time and continuous blood monitoring to alert physicians of immediate signs of changes in a patient’s clinical condition.
Pursuant to the agreement, and in order to maintain exclusivity in the territory, Glo-Med has committed to purchase a minimum order of 3,889 HYLATM blood sensors and 264,873 disposable units for deployment at hospitals and medical centers, subject to regulatory approvals for the sale and marketing of the HYLATM blood sensor device in the 6 states within the United States.
This is the second distribution agreement reached with Glo-Med for the U.S. market, in addition to the agreement signed in January 2022, for the distribution of the Company’s ART™ system, totaling Glo-Med’s combined distribution target of Inspira’s products at $271 million in 6 U.S. states.
The Company has additional distribution agreements internationally, targeting a total of $189 million in Israel and Europe (Spain, Portugal, Poland, Czech and Slovakia). All agreements for the ART™ system are over a 7-year period and are subject to the completion of product development and regulatory approvals.
The HYLA™ blood sensor and ART™ system have not been tested or used in humans and are subject to regulatory approvals.
Matus Knoblich, Glo-Med’s CEO, stated: “I believe that this ground-breaking technology may dramatically reduce the need for actual blood sampling by the hospital staff. This could significantly reduce their workload while providing potentially critical information at a critical moment when a patient’s medical condition may suddenly deteriorate without warning. I strongly believe that this technology has the potential to eventually become a device for almost every patient in intensive care units and other suitable clinical settings. The HYLATM is a very good fit for Glo-Med’s growing product portfolio that focuses on improving patient’s wellbeing and clinical outcome.”
Dagi Ben-Noon, Inspira Technologies’ Chief Executive Officer, stated: “Our strong collaboration with U.S. based Glo-Med is built on trust and the understanding of each other’s strengths. We have the joint motivation of assisting physicians to improve respiratory care, patient monitoring and outcomes, while maximizing patients’ experience. The Inspira Technologies team is energized and focused to truly and positively disrupt the respiratory care market.”
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