NanoVibronix Inc. (NAOV) has plunged -7.07% at $0.79 in after-market trading hours on the last check Thursday. The NAOV stock lost -10.52% to complete the last trading session at $0.85. The price range of the NAOV stock was between $0.8324 and $0.931
How NanoVibronix differentiates its medical devices
NanoVibronix Inc. is a medical device company that specifically focuses on the manufacturing and sale of biological response-activating device that target would recovery, pain treatment, and biofilm prevention – all done noninvasively. The NAOV stock has a research and development team in Nesher, Israel that designs medical devices using its low-intensity surface acoustic wave which is proprietary and patented. NanoVibronix sells its product directly to clients and patients along with Federaly supply agreements with the United States. Similar distributor agreements are also made with India, Israel, Europe, and other international linkages.
The SAW technology of the company is diversified due to its low-frequency ultrasound waves for medical applications which include bacterial colonization, biofilm disruption, and pain relief. The leading products of the company include PainShield®, UroShield®, and WoundShieldTM.
NAOV has secured another Federal Supply Schedule deal with VA
On 2nd March 2021, NanoVibronix Inc. (NASDAQ: NAOV) announced that it entered into another Federal Supply Schedule agreement for its UroShield urology therapy device through a service-disabled veteran organization. This supply will be ordered through the Veterans Administration (VA) to make it easier to treat veterans with UroShield.
The NAOV stock sells its medical devices directly but it also has a supply chain agreement with governmental contracts, particularly the Federal Supply Schedule in the USA. The FSS program is managed through a contract with the General Services Administration (GSA) which provides Federal agencies a more efficient and convenient process for procuring the commercial supplies in bulk for discounts. NAOV’s PainShield – a non-opioid pain therapy was also placed on FSS by the Veterans Administration on 1st September 2019.
The veterans use Foley catheters which have a risk of catching Catheter-Associated Urinary Tract Infection (CAUTI) which is the leading cause of secondary hospital-acquired bloodstream infection. 40 million Americans undergo Urinary Catheterization, with 0.5 million CAUTI cases and 8000 deaths related to infection, every year.
This is the market where UroShield is really differentiated and effective because it is attached to any indwelling urinary catheter as a disposable ultrasound device which reduces biofilm and prevents CAUTI. The ultrasound low intensity waves disrupt the docking mechanism of Bacteria and prevent bacterial colonization. UroShield is also effective against preventing hospitalization – a necessary action during the COVID-19 pandemic where hospitals focus on prioritizing hospital beds for COVID patients.
NAOV is re-adjourning its Special Meeting of Stockholders again
On 2nd March NAOV stock announced that its Special Meeting of Stockholders scheduled for 31st march, 2021 has been adjourned and rescheduled for 14th April 2021. This was done to allow more time for stockholders to vote.
However on 14th April, the company announced again that the Special Meeting of Stockholders has been re-adjourned. It will now reconvene on 27th April 2021, at 10 am ET and virtually take place on the link here. NAOV will continue to solicit proxies from its stockholders and encourage them to vote before April 26, 20201 11:59 pm.