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NanoVibronix announces tie-up with Veranex

NanoVibronix Inc (NASDAQ: NAOV), a medical device company, said this week it had entered into an agreement with Veranex Inc, under which the latter will provide certain research and development services related to NanoVibronix’s next generation UroShield and PainShield products.

”Teaming up with Veranex provides us with access to additional industry expertise and manufacturing know-how to further improve our products and stay ahead of the innovation curve. By working with an outside partner with proven methods and techniques to evolve our products, we believe we will be able to offer a next generation of products that not only increases clinician and patient satisfaction but also future-proofs the components and reduces our cost of goods,” Brian Murphy, Chief Executive Officer of NanoVibronix, said in a press release.

Stock Performance

The shares of NanoVibronix Inc (NAOV) closed 3.44% ($0.032) lower at $0.900 on Nasdaq on Thursday, as they snapped a two-day streak of gains.

The company’s total market cap now stands at $1.842 million.

The shares of NanoVibronix Inc (NAOV) went down 77.18% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have retreated 21.74% so far this year.

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