Medovex Corporation Partners with Technology Consult Berlin GmbH in Germany
Agreement Significantly Expands Coverage Footprint in Key Market
ATLANTA, GA -- (Marketwired) -- 04/05/17 -- Medovex Corp. (NASDAQ: MDVX), a developer of medical technology products, today announced that it has entered into a partnership with TCB - Technology Consult Berlin GmbH for distribution of its Denervex™ system throughout Germany. TCB is expected to provide sales, marketing and distribution services.
TCB, is a associated partner of Kalms & Partner Consulting (http://www.kalmsconsult.com/) based in Berlin, Germany offers a complete consultancy service for medical device manufacturers and selected services for pharmaceutical companies. The company offers sales and marketing, full distribution services, strategic and operational support in the fields of market access, health economics, reimbursement and business development.
Manfred Sablowski, Senior Vice President Global Sales & Marketing of Medovex, stated, "TCB - Berlin in Germany serves as a perfect call point fit for our mission to provide a successful distribution, sales and marketing foundation for our entry and expansion of our footprint of the DenerveX System in the most important market in Europe."
On March 13, 2017, the Company previously announced that the reimbursement authority in Germany had renewed reimbursement payment coding for the DenerveX System technology for the treatment of the Facet Joint Syndrome for 2017.
The renewed reimbursement coding, effective immediately, was released in the Diagnosis-Related Group (DRG) system in 2017 in Germany. This new coding allows for hospitals and outpatient centers to receive reimbursement for the use of the DenerveX System for the treatment of the Facet Joint Syndrome in the spine.
According to Dennis Moon, Executive Vice President of Medovex, "The renewal of the reimbursement code for 2017 in Germany will be a significant driver for our European launch preparation for the DenerveX System. We look forward to targeting the German market through our new relationship with TCB - Berlin as the country is often recognized as a leader in early clinical adoption of new and cost effective technologies, being on the forefront of establishing reimbursement guidelines. Reimbursement is perhaps the most foundational element supporting adoption for a medical technology."
The Company's patented DenerveX System, is not yet commercially available in the EU and the U.S. The DenereX System is designed to provide longer lasting 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 Kit, containing 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.
DenerveX is not yet CE marked or FDA cleared.
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
Released April 5, 2017