Inspira™ Technologies Signs a Strategic Agreement in Europe to potentially provide $26.1 Million for Deployment of 1,364 HYLA™ Blood Sensors
Wednesday, November 23, 2022
Inspira™ Technologies OXY B.H.N. Ltd., a groundbreaking respiratory support technology company, announced today that it has signed an exclusive distribution agreement for the HYLA Blood Sensor with Innovimed Sp. z o.o (“Innovimed”), a company specializing in the commercialization of medical products in Europe, Middle East and Africa.
The Company recently announced that it is preparing for a clinical study of the HYLA Blood Sensor to be performed alongside patients undergoing cardio-pulmonary bypass surgery, integrating clinical research into the product development cycle. The HYLA Blood Sensor is designed as a non-invasive blood sensor, intended to provide continuous blood parameter measurements in real-time, potentially alerting physicians of sudden changes in a patient’s condition, which may reduce risks, complications, and costs.
The summary distribution agreement will be followed by a more comprehensive definitive agreement. The agreement has an initial term of 5 years, subject to the completion of product development and the receipt of regulatory approvals. The parties will collaborate on the marketing and deployment of the HYLA Blood Sensor. In order to maintain exclusivity in the territory, Innovimed has committed to purchase a minimum order of 1,364 HYLA Blood Sensors and 128,511 disposable units for deployment in hospital units and operating theaters in Poland, Czech Republic and Slovakia.
“Inspira is preparing for the planned future market penetration of Europe, and this is another positive development in the furtherance of our strategy,” stated Joe Hayon, Inspira Technologies’ Co-Founder, President.
Michal Maciazek, Managing Partner at Innovimed, stated: “We believe that the HYLA Blood Sensor has the potential to contribute to improve patient outcome in our region. We are starting to introduce the Inspira product pipeline to the medical community in our region, to get local key opinion leaders (KOLs) support for the future deployment.”
To date, the Company has several distribution agreements internationally for both the INSPIRA ART system and the HYLA Blood Sensor (including the agreement with Innovimed discussed herein).