By Chris Wack
Inspira Technologies OXY B.H.N. Ltd. shares nearly doubled, to $5.24, in premarket trading after the company said it has signed an exclusive summary distribution agreement with Innovimed Sp., a master distributor specializing in state-of-the-art medical solutions in Eastern Europe, Middle East and Africa.
The company said the summary distribution agreement will be followed by a more comprehensive agreement, and follows the distribution agreement signed last month with WAAS Group for potential $66 million in Spain and Portugal.
The agreement entered has an initial term of seven years, subject to completion of product development and regulatory approval. The parties will work together on the marketing and deployment of the ART device, designed to treat deteriorating respiratory failure patients, while they are awake and breathing.
Innovimed has committed to purchase minimum orders of 1,552 ART devices and 59,040 disposable units for deployment at hospitals and medical centers, subject to regulatory approvals for the sale and marketing of the ART devices in Poland, Czech Republic and Slovakia.
Write to Chris Wack at [email protected]
