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.
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