Benzinga | Oct 26, 2021 09:56AM EDT

Inspira Technologies Enters Europe; Signs Strategic Agreement With Waas Group For Development Of 1,040 ART Systems In Spain And Portugual

Inspira Technologies OXY B.H.N. Ltd. (NASDAQ:IINN) (NASDAQ:IINNW)(the "Company" or "Inspira Technologies"), a groundbreaking respiratory support technology company, announced today that it has signed an exclusive distribution agreement with AnitaT?cnicaS.L. (WAASGroup), one of Spain's leading distributors and technical service providers of medical equipment and supplies. WAAS Group provides services to more than 40 international companies and devices, including respiratory systems for Siemens Healthineers AG ADR (NASDAQ:SMMNY) and Dr?gerwerk AG & Co. KGaA, Dr?gerwerk AG.

The agreement has an initial term of 7 years, subject to completion of product development and regulatory approval. The parties will collaborate on the marketing and deployment of the ART device, designed to treat deteriorating respiratory failure patients, while they are awake and breathing. The ART, an early extracorporeal respiratory support system, has the potential to minimize the need for mechanical ventilation across Spain and Portugal.

According to the agreement, Anita T?cnica S.L. (WAAS Group) is committed to purchase a minimum of 1040 ART devices and 35,360 disposable units for deployment at hospitals and medical centers within a seven-year period, subject to regulatory approval for the sale and marketing of the ART devices in Spain and Portugal.

"Portugal and Spain are important markets in Europe that 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.

Antonio Sanz, WAAS Group's CEO, stated: "This agreement represents an exciting opportunity for us to expand our offering of innovative products to the medical community and patient population in Spain and Portugal. ART is a disruptive technology that can potentially change how the world plans to treat patients with respiratory failure."