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Home Bio/Med/Pharma

Inspira Technologies (NASDAQ: IINN) Enters into Strategic Agreement with Waas Group to Send 1,040 ART Systems Across Spain and Portugal

The seven-year term agreement has a potential value of $66 million for Inspira Technologies

by admin
October 26, 2021
in Bio/Med/Pharma
0
Inspira Technologies NASDAQ IINN Waas Group Agreement Spotlight Growth

Inspira Technologies NASDAQ IINN Waas Group Agreement Spotlight Growth

Inspira Technologies (NASDAQ: IINN) is engaged as an Israeli medical device company, which focuses on research, development and commercialization of solutions aimed at respiratory care. The company’s ART device is a cost effective early extracorporeal respiratory support system, which acts as an artificial lung for patients suffering from deteriorating breathing function.

Shares of the respiratory medical device company are soaring 66% through afternoon trading on Tuesday, October 26, 2021. Over the past three months, Inspira Technologies has seen average daily volume of 364,160 shares. However, volume of 17.91 million shares or dollar volume of $61.25 million, has already exchanged hands through afternoon trading on Tuesday.

Inspira Technology shares are gaining after the company announced it has entered into a strategic agreement with Waas Group, a leading distributor of medical devices and supplies in Spain. Under the terms of the agreement, the strategic agreement will have an initial term of seven years and will feature marketing and sales collaboration on Inspira Technologies’ ART device. Initially, the partners see Spain and Portugal as the initial markets for deploying the ART devices.

Waas Group has committed to purchasing a minimum of 1,040 ART devices and 35,360 disposable units for use at hospitals and medical centers over a seven-year period. For Inspira Technologies, this gives the contract a total value of around $66 million over the seven-year term. The agreement and deployment of the ART devices are subject to regulatory approval.

“Portugal and Spain are important markets in Europethat have extensive experience operating extracorporeal technologies. We see this as an advantage in ensuring the rapid penetration and adoption of our innovative ART device by the local medical community. The WAAS Group’s team has an impressive record in penetrating the local market with innovative products and leveraging them within the medical community” stated Joe Hayon, Inspira Technologies’ Co-Founder, President and Chief Financial Officer.

Disclosure: Neither Spotlight Growth nor its officers have any position or relationship with any companies mentioned in this article. No payment was made to create this article. This article should not be taken as a solicitation or recommendation to buy or sell any securities. Please conduct your own research and consult your financial advisor to determine your risk tolerance and investment path. We are not licensed brokers or investment advisors.

Tags: biopharmaceuticalsbiotechcommon stockday tradingemerging growthhealth carehealth care stocksIINNIINN stockInspira TechnologiesinvestinginvestmentIsraelmanufacturingmedicalmedical devicemedical device stocksmedical stocksmedical technologymicrocap stocksmobileNASDAQnewspharmaceuticalspublic companyRobinhoodrobinhood armyrobinhood stockssalesservicessmall cap companiessmall cap stockssmall capsSpotlight GrowthSpotlight Growth Stocksstock marketstock market newsstocksswing tradingtechTechnologytechnology stockstradingtreatment
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