Medovex Corporation Enters Into International Distribution Agreement for Spain With PRIM Group
Leading Distributor of Medical Solutions in Spain to Distribute the DenerveX(TM) System
ATLANTA, GA -- (Marketwired) -- 11/16/15 --
Medovex Corp. (NASDAQ: MDVX), a developer of medical technology products, today announced that the Company has entered into an international distribution agreement with Madrid / Spain based PRIM Group (www.prim.es) for the distribution of its DenerveX™ System throughout Spain using PRIM's Orthopedic Division.
Dennis Moon, Medovex Executive Vice President, stated, "PRIM Group in Spain serves as a perfect call point fit for our mission to provide a successful distribution, sales and marketing foundation for our entry of the DenerveX System in an important market in Europe."
"With PRIM Group as our distributor in Spain, we are closing a gap and show professional presence in a major market in Europe," added Manfred Sablowski, Senior Vice President Sales & Marketing. "Our goal is to continuously improve our market presence throughout Europe by expanding our network of strong distributors with knowledgeable sales and support personnel, and in close proximity to our customers."
PRIM Group is expected to provide sales, marketing and distribution services throughout Spain for the launch of the DenerveX System.
The DenerveX System is designed to provide relief of pain associated with the facet joint. Lower back pain is the second most common cause of disability in the U.S. for adults. Studies indicate that 10% of the U.S. adult population suffers from lower back pain and that 31% of lower back pain is attributed to facet joint pain.
The DenerveX System consists of the DenerveX device, a single use device, and the DenerveX Pro-40 Power Generator. The DenerveX system is designed to provide a minimally invasive treatment option which combines two actions into one device. The combined procedure is expected to provide a longer lasting solution and potential savings to the health care system. The Company's patented DenerveX System is currently in development and not yet FDA cleared, CE marked or commercially available.
About PRIM Group
PRIM is a Spanish public company that has been listed on the Stock Exchange since 1985 and adds value to the healthcare system. PRIM designs, manufactures, commercializes, installs and keeps products and equipments providing advanced solutions. PRIM provides comprehensive continuous service via its headquarter offices, two plants, seven regional offices, four warehouses and six orthopedic clinics. It develops its main activity in Hospitals, Clinics, Healthcare Centers, Health Insurances, Orthopedics, Individuals, Chiropody Centers, Chemist's, and Medical Societies.
Medovex was formed to acquire and develop a diversified portfolio of potentially ground breaking medical technology products. Criteria for selection include those products with potential for significant improvement in the quality of patient care combined with cost effectiveness. The Company's first pipeline product, the DenerveX device, is intended to provide long lasting relief from pain associated with facet joint syndrome at significantly less cost than currently available options. To learn more about Medovex Corp., visit www.medovex.com
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward- looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Source: Medovex Corporation