Medovex Corporation Enters Into International Distribution Agreement With MEDS Medikal Ltd.
ATLANTA, GA -- (Marketwired) -- 08/17/15 -- Medovex Corp. (NASDAQ: MDVX), a developer of medical technology products, today announced that the Company has entered into an international distribution agreement with Turkey based MEDS Medikal Ltd. for the distribution of its DenerveX™ System throughout Turkey. MEDS Medikal Ltd. (www.meds.com.tr) has been providing sales, marketing and distribution services in the spine surgery market space in Turkey since 1997, representing leading brands of the world.
Dennis Moon, Medovex Executive Vice President, stated, "MEDS Medikal Ltd. serves 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 this important market of Turkey. This country is an important part of our continued strategy for the selection of the best distribution partners available in each market in advance of our launch in the European market."
"The signing of this agreement comes on the heels of additional recent country distribution agreements with Aureus Medical in Germany, an agreement with Edge Medical in the UK, and establishing our European distribution center with TCB in Berlin which will serve our distribution network in Europe, further expanding our sales and distribution capacity."
MEDS Medikal Ltd. is expected to provide sales, marketing and distribution services throughout Turkey for the launch of the DenerveX System.
The Company's patented DenerveXSystem is intended to treat Facet Joint Syndrome (FJS), a condition in which the joints in the back of the spine degenerate and subsequently cause pain. 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 FJS pain.
The DenerveX System consists of the DenerveX device, a single use medical device and the DenerveX Pro-40 Power generator, both designed to be less invasive with faster recovery time than current surgical treatment options. It consists of two procedures combined into one device and is expected to provide for a longer lasting treatment solution while offering potential savings to the health care system. DenerveX is not yet commercially available.
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.
Released August 17, 2015