Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
NanoVibronix's (NASDAQ: NAOV) share price is rallying premarket on the news that it intends to enter the Over-the-Counter pain relief market.
The company, which produces the UroShield and PainShield Surface Acoustic Wave Portable Ultrasonic Therapeutic Devices, will roll out its PainShield RELIEF, a non-prescription “ultrasound therapy device that delivers fast pain relief for nerve and soft tissue damage.”
NanoVibronix said it has submitted its trademark application to the U.S. Patent and Trademark Office and expects to submit for clearance to the U.S. Food and Drug Administration (FDA) in the very near term.
Brian Murphy, CEO of NanoVibronix, commented: “Entering the OTC pain relief market with our newest product in the PainShield family significantly expands our total addressable market and opens up new opportunities for growth through several additional revenue streams.
“Those suffering from pain will have ready access to the device with no need for clinician prescription. Plans are under way for an official launch in the U.S. and select parts of the world and product reveal in the coming months at a number of trade shows targeting a variety of athletic interests including tennis and golf.
“We are targeting the specific pain relief indications and the retail channels to address them as an OTC alternative to less effective interventions. The company expects widespread availability by early to mid-2022.”
The company's shares have climbed to $3.17 premarket, up 25.8%.
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