What Led The NanoVibronix (NAOV) Stock To Increase On Friday?

The shares of NanoVibronix Inc. (NASDAQ: NAOV) rose 17.41% to $0.51 at the last check following an announcement of a new contract. In the previous session, NAOV’s stock closed at $0.43, trading 5.02 million shares.

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NAOV has entered into which contract?

With the award of a new contract, NanoVibronix (NAOV) announced its UroShield product will now be available through NHS Supply Chain, the national health system’s internal supply organization.

  • With the new contract with NHS Supply Chain, NAOV will provide all NHS healthcare organizations with dedicated end-to-end UroShield supply chain services.
  • Using the NHS supply chain, all patients who require UroShield will be able to access the device with full clinical support.
  • As UroShield will now be available through the NHS organization’s own supply channel to all clinicians and their patients, this represents a significant opportunity for NAOV to expand distribution.
  • For NHS trusts and healthcare organizations in England and Wales, NHS Supply Chain manages the sourcing, delivery, and supply of healthcare products and services.
  • In addition to processing eight million orders per year across 94,000 order points and 17,465 locations, the organization is an integral part of the UK national healthcare system.

How NAOV will be dealing with it?

  • In anticipation of an increase in demand from this exciting development, NAOV is ramping up production.
  • New innovative products will be available under the new contract beginning October 2022, and they will be merged with the existing Urology and Stoma framework contract by February 2024, with optional extensions.
  • As per the contract, the NHS Supply Chain describes UroShield as a disposable ultrasound device designed to reduce the risk of catheter-associated urinary tract infections (CAUTIs) that result from bacteria colonizing your catheter and forming biofilms on your catheter.
  • Improved outcomes result in fewer antibiotic prescriptions, catheter changes, and washouts, as well as fewer hospitalizations, which results in fewer bed days, nursing time, and ambulance transfers for patients.

NAOV to hold Annual Meeting:

The annual meeting of shareholders of NanoVibronix (NAOV) has been announced. NAOV will hold a virtual shareholder meeting on December 15, 2022, at 10 a.m. Eastern time. NanoVibronix anticipates sending proxy materials for the Annual Meeting to stockholders in November 2022. The record date for determining shareholders eligible to vote at the Annual Meeting is October 17, 2022.

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