Inspira Technologies Signs Distribution Agreement with Glo-Med Networks | Financial Buzz

Inspira Technologies Signs Distribution Agreement with Glo-Med Networks

Inspira Technologies OXY B.H.N. Ltd. (NASDAQ: IINN) has announced signature on an exclusive summary distribution agreement with Glo-Med Networks Inc. to distribute across 6 states within the United States.  This includes New Jersey, New York, Florida, Texas, North & South Carolina.  Glo-Med focuses on the growing demand for innovative medical devices and products in domestic and international markets. 

Glo-Med Networks has committed to purchased a minimum of 2,121 ART systems and 131,413 disposable units for deployment at hospitals and medical centers.  This is subject to regulatory approvals for sales and marketing of the ART systems within the 6 states in the United States.  The agreement with Glo-Med has an initial term of 7 years.  Product development and relevant regulatory approval completion are required.  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.”

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