Respiratory support technology company Inspira Technologies signed an exclusive summary distribution agreement with Glo-Med Networks for the distribution of its new HYLA blood device and disposable units across six states in the U.S.
The summary distribution agreement will be followed by a more comprehensive agreement. The agreement has an initial term of three years, subject to completion of product development and regulatory approvals. The parties will collaborate on the marketing and deployment of the HYLA blood sensor. Without the need to take actual blood samples from patients, Inspira Technologies’ non-invasive optical blood sensor is being designed to perform real-time and continuous blood monitoring to alert physicians of immediate signs of changes in a patient’s clinical condition.
Pursuant to the agreement, and in order to maintain exclusivity in the territory, Glo-Med has committed to purchase a minimum order of 3,889 HYLA blood sensors and 264,873 disposable units for deployment at hospitals and medical centers, subject to regulatory approvals for the sale and marketing of the HYLA blood sensor device that will be deployed in Texas, New Jersey, New York, Florida, North Carlina and South Carolina.
“I believe that this ground-breaking technology may dramatically reduce the need for actual blood sampling by the hospital staff,” says Matus Knoblich, CEO of Glo-Med CEO. “This could significantly reduce their workload while providing potentially critical information at a critical moment when a patient’s medical condition may suddenly deteriorate without warning. I strongly believe that this technology has the potential to eventually become a device for almost every patient in intensive care units and other suitable clinical settings. The HYLA is a very good fit for Glo-Med’s growing product portfolio that focuses on improving patient’s wellbeing and clinical outcome.”
This is the second distribution agreement reached with Glo-Med for the U.S. market, in addition to the agreement signed in January 2022, for the distribution of the Company’s ART system.
The company has additional distribution agreements internationally, targeting a total of $189 million in Israel and Europe (Spain, Portugal, Poland, Czech and Slovakia). All agreements for the ART system are over a seven-year period and are subject to the completion of product development and regulatory approvals.
The HYLA blood sensor and ART system have not been tested or used in humans and are subject to completion of development and regulatory approvals.
Dagi Ben-Noon, CEO of Inspira Technologies, added: “Our strong collaboration with U.S. based Glo-Med is built on trust and the understanding of each other’s strengths. We have the joint motivation of assisting physicians to improve respiratory care, patient monitoring and outcomes, while maximizing patients’ experience. The Inspira Technologies team is energized and focused to truly and positively disrupt the respiratory care market.”
Featured image: The HYLA blood sensor is designed to provide real-time continuous measurements of key blood parameters. Photo: Inspira