Electromedical Technologies Secures Funding for Product Expansion
- Funding earmarked for WellnessPlus POD prototype production and completion
- Prototype to be used for future FDA 510(k) submission
- Company on track for late 2021 FDA filing
SCOTTSDALE, Ariz., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Electromedical Technologies, Inc. (OTCQB: EMED) (the "Company"), a pioneer in the development and manufacturing of bioelectronic devices, including the FDA cleared WellnessPro+, is pleased to announce that it has secured a $1 million investment by a fund managed by Yorkville Advisors Global, LP to complete prototype production of its WellnessPlus POD, a critical step in the Company’s product development and expansion plans. Further details of the financing can be found in Electromedical Technologies’ recent 8-K filing.
The Company’s prototype is slated to be completed later this year and will be used in a 510(k) medical device submission with the FDA later this year. The WellnessPlus POD is positioned as a new, smaller, professional grade wearable device for mass market retail customers and has the ability to work with the flagship Wellness Pro+ device. Plus, it will carry a price point that is more affordable to 90 % of the population. In addition, the Company plans to introduce a program to help our Veterans and First Responders and their families to obtain a device at no upfront cost and a year of service at no charge.
Jennifer Scutti, Vice-President of Yorkville Advisors commented, “We are pleased that our investment in Electromedical Technologies will assist them in their near-term product development and expansion goals and look forward to working with management.”
Matthew Wolfson, Founder and CEO of EMED, noted, “Securing funding for prototype production and completion of our WellnessPlus POD is a key step in our development path. We are pleased to be working with our new financial partner Yorkville Advisors to assist us in achieving this objective and help get new product development into high gear. Yorkville’s investment demonstrates confidence in Electromedical Technologies and recognition of the exciting and fast-developing field of bioelectronics.”
“EMED plans to use the prototype device in conjunction with an FDA 510(k) submission during the second half of 2021 and could begin trials at the end of the year. The Opioid epidemic is becoming even worse due to medical and social distancing and we believe that EMED is poised to help millions of people improve their quality of life without the use of opioids and drugs that can have serious adverse effects on the body. With over 10,000 of our flagship products sold over the years, we are pleased to have helped our customers with relief from their chronic pain through electrotherapy and look forward to providing comfort and relief to many more ahead.”