NanoVibronix CEO Brian Murphy Provides Business Update in Letter to Shareholders

Elmsford, NY, Oct. 28, 2021 (GLOBE NEWSWIRE) -- NanoVibronix, Inc, (NASDAQ: NAOV), a medical device company utilizing the Company's proprietary and patented low intensity surface acoustic wave (SAW) technology, today provided the following business update and letter to shareholders from its Chief Executive Officer, Brian Murphy:

"It is my sincere pleasure to address you through this letter and inform you of the progress, opportunities and potential of NanoVibronix. I hope to use this letter as a means to highlight the work we have done, but more importantly, the work we intend to do to build upon our success.

As you may already be aware, I have worked in the medical device and medical biologics industry for over 30 years. My background is mostly commercialization of new technologies at various levels in each organization, from sales to the executive level. Our Chairman, Christopher Fashek, whom I have worked with for many years, also has an extraordinarily successful history in commercializing new and existing technologies. It is the collective honor of our team to have been given the opportunity to serve in these roles, for a company with such an effective and versatile Surface Acoustic Wave (SAW) technology platform. We believe that both our existing products and future innovations will serve the medical community well and benefit patients suffering from chronic conditions. 

As 2021 comes to a close, I want to share an overview of recent accomplishments, provide an update on current projects and convey our expectations relative to several impactful issues.

Sales and Marketing Activities

Our sales and marketing initiatives, which are gaining traction, are focused on three distinct initiatives related to product adoption and commercialization

• Reimbursement
• Support of our existing sales network
• Developing a critical mass as validation of product acceptance

We continue to seek category specific license partners where there is a mutual benefit.  The foundationally necessary components viewed as essential, include retaining quality personnel, product integrity, and product cost. 

Our activities related to reimbursement continue to show progress.  The PainShield product earned a dedicated Medicare reimbursement code (K1004) several months ago, and we continue to work toward a reimbursement value. We have retained the law firm Latham & Watkins to assist the company in this area.