Inspira Technologies (NASDAQ: IINN) operates as an innovative medical device company, which manufacturers, tests and commercializes devices for respiratory care. The company is currently developing an innovative device called ART, which is an early extracorporeal respiratory support system similar to an artificial lung. Shares of the respiratory medical device company are surging 100% through early trading on Thursday, December 9, 2021. Over the past three months, Inspira Technologies has seen average daily volume of 4.45 million shares. However, volume of 105.05 million shares or dollar volume of around $564.12 million, has already exchanged hands through early trading Thursday.
Shares of Inspira Technologies are soaring after the company announced that it has entered into an exclusive strategic distribution agreement with Innovimed, a master medical solutions distributor focused on Eastern Europe, Middle East and Africa. The initial term of the agreement will be seven years and could generate up to $108 million for Inspira Technologies. However, the agreement is subject to regulatory approvals.
Under the terms of the agreement, the two companies will work together to complete the development of the ART system, as well as obtain necessary regulatory approval. The strategic partners will look to initially deploy the ART system across Poland, Czech Republic and Slovakia. In order to remain exclusive in the region, Innovimed has made a commitment to purchase a minimum of 1,552 ART devices and 59,040 disposable units for use in hospitals and medical centers across the three countries.
“Poland, Czech Republic and Slovakia are very interesting markets for Inspira’s ART device. The extracorporeal membrane oxygenation (ECMO) program for Greater Poland’ takes full advantage of the ECMO perfusion therapy opportunities to promote the health of citizens in the region. I believe that this program may lead to an expedited adoption of the ART device based on extracorporeal respiratory approach in these markets,” stated Joe Hayon, Inspira Technologies’ Co-Founder, President and Chief Financial Officer.
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