Benzinga | Dec 16, 2021 08:12AM EST

electroCore Says Entered Into Agreements With Melidonia Health, Cyrus Medical Technologies, Express Medical Solutions

electroCore, Inc. (the "Company"), (NASDAQ:ECOR), a commercial-stage bioelectronic medicine company, today announced it has entered into agreements with Melidonia Health Services (Melidonia), Cyrus Medical Technologies (Cyrus), and Express Medical Solutions LLC. (Medexsol) to serve as the exclusive distributors of the gammaCore Sapphire(tm) non-invasive vagus nerve stimulator (nVNS) in Cyprus, the United Arab Emirates and Oman, and Saudi Arabia and Bahrain, respectively.

"Melidonia works to improve the availability of novel and state-of-the-art health care products that facilitate the role of physicians, and in doing so, improve the lives of their patients," commented Loannis Kouis, General Manager of Melidonia. "Melidonia is a partner of choice for pharmaceutical and other health care companies, and we are excited to add electroCore to our network. As experts within the neurological and cardiology fields, gammaCore compliments Melidonia's existing portfolio of products and expertise."

"Cyrus is dedicated to offering the latest technology and medical devices across the Middle East," commented Tamer Farouk, General Manager of Cyrus Medical Technologies. "We endeavour to partner with outstanding medical technologies that contribute to alleviating challenging healthcare conditions across the region. The gammaCore non-invasive vagus nerve stimulator is a proven therapy for patients with primary headache disorders. We are excited to represent this product to help healthcare professionals and patients in their management of various headache conditions in the United Arab Emirates and Oman."

"Medexsol embraces disruptive medical technologies believing in quality, efficiency and innovation. Our ambition is to contribute and to facilitate healthcare services development," commented Hasan Zaini, Owner of Medexsol. "We are excited to add gammaCore to our portfolio of products focused on the management of chronic diseases. Our company's vision is to provide healthcare transformation by striving towards an advanced healthcare sector that combines medicine and modern technology. We are pleased to partner with electroCore to help achieve this goal."

"We are delighted to announce these three new commercial partnerships as part of our global expansion plan in making gammaCore accessible to primary headache patients around the globe," stated Iain Strickland, VP of Global Sales and Strategy at the Company. "We welcome Melidonia, Cyrus, and Medexsol to the electroCore family of partners and look forward to building a business with them based on their strong commitment to improving the quality of life for patients."

The initial term of the Melidonia agreement is three years while the Cyrus and Medexsol agreements have an initial term of five years. The new agreements contain customary terms and conditions, and regulatory clearances are required before sales and revenue can occur. The timing for any such potential clearances is uncertain at this time.

Beginning December 2020, the Company executed on its plan to expand international distribution by onboarding ten exclusive distribution partners outside the United States and United Kingdom (Table 1).

Table 1: International Distributor List

Territory Distributor CountryNorth RSK Medical CanadaAmericaEastern Pro Medical Baltic Lithuania, Latvia, Belarus, Kazakhstan, andEurope UkraineWestern Silvert Medical Nv-Sa. Belgium, Luxembourg, the Netherlands, andEurope FranceAustralia Medistar2 PTY Ltd Australia Kromax International Taiwan and ChinaAsia Corp. Kromax South Asia Pte Malaysia, Singapore, and Indonesia Ltd. East Agency QatarMiddle East Melidonia Cypress Cyrus United Arab Emirates and Oman Medexsol Saudi Arabia and Bahrain

The Company has received initial stocking orders from many of these partners and will provide updates on additional territory expansion in future quarters.