- The shares of NanoVibronix, Inc., (NASDAQ: NAOV) increased 33.73% today. This is why it happened.
The shares of NanoVibronix, Inc., (NASDAQ: NAOV) – a healthcare device company that produces the UroShield and PainShield Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices – increased 33.73% today, going from a previous close of $2.52 to $3.37. Investors responded positively to the company announcing that it intends to enter the Over-the-Counter (OTC) pain relief market with the introduction of PainShield RELIEF, a non-prescription ultrasound therapy device that delivers fast pain relief for nerve and soft tissue damage.
The company submitted its trademark application to the U.S. Patent and Trademark Office (USPTO) for protection of the PainShield RELIEF and expects to submit for clearance to the U.S. Food and Drug Administration (FDA) in the very near term.
PainShield is known as an ultrasound device that delivers a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area while keeping the level of ultrasound energy at a safe and consistent level. And its range of applications includes acute and chronic pain resolution through its many mechanisms of action. The product has broad applications for sports injuries.
Plus PainShield can be used by patients at home or work or in a clinical setting and can be used even while the patient is sleeping. The patient benefits include ease of application and use, faster recovery time, high compliance, and increased safety and efficacy over existing devices that rely on higher-frequency ultrasound.
“Entering the OTC pain relief market with our newest product in the PainShield family significantly expands our total addressable market and opens up new opportunities for growth through several additional revenue streams. Those suffering from pain will have ready access to the device with no need for clinician prescription. Plans are under way for an official launch in the U.S. and select parts of the world and product reveal in the coming months at a number of trade shows targeting a variety of athletic interests including tennis and golf. We are targeting the specific pain relief indications and the retail channels to address them as an OTC alternative to less effective interventions. The company expects widespread availability by early to mid-2022.”
“The pain relief market is flooded with products that simply mask the pain versus providing proven pain resolution. We believe the opportunities are endless with this product. Our initial entry, as well as our next generation, which is currently in development, are expected to be unique to the market, as is Surface Acoustic Wave (Low Level, Low Frequency Ultrasound) technology. Our entry into the OTC market will be preceded by submission of the final results of our Lateral Epicondylitis (Tennis Elbow) study.”
— Brian Murphy, Chief Executive Officer of NanoVibronix Inc
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.