Inspira Technologies Oxy B.H.N. Ltd. (NASDAQ: IINN) disclosed that it has inked an exclusive summary distribution agreement with Glo-Med Networks Inc. (Glo-Med), for distribution across 6 states in the United States. The six states for which companies inked agreement are South Carolina, New Jersey, New York, Florida, North Carolina, and Texas.
A more extensive agreement will precede the summary distribution agreement. The deal with Glo-Med follows distribution agreements inked in the fourth quarter of 2021, with a total value of $174 million across Europe pending regulatory approvals. The deal with Glo-Med includes a seven-year initial duration, which is contingent on product development and proper clearance.
Additionally, the two companies will work together on the commercialization and implementation of the ART system, which is meant to treat patients with progressive respiratory failure while they are conscious and breathing on their own. The ART, which is an early extracorporeal respiratory support device, may reduce the necessity of invasive mechanical ventilation.
Additionally, as per the agreement, Glo-Med Networks has decided to buy a minimum of 2,121 ART systems and 131,413 disposable units for implementation at hospitals and medical centers. It has also committed to retaining distinctiveness in the territory, conditional to authorizations for the marketing and selling of the ART systems in the 6 states.
Moreover, Glo-Med aims to address the rising demand for innovative medical equipment and related products in both the domestic and global markets. Through long-term ties and contacts with medical practitioners, as well as through its sister firm, Med-Stat Consulting Services, Inc., Glo-Med has wide access to next-generation medical products around the world.