Los Angeles, CA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Endonovo Therapeutics, Inc. (OTCQB: ENDV) today announced an aggressive initiative to introduce and develop the sales and benefits of SofPulse® medical devices into multiple international markets as part of its global “Go to Market” strategy.
President and Chief Commercial Officer of the Medical Division of Endonovo, Ira Weisberg, will be heading the efforts to expand the benefits of SofPulse® into international markets.
With the announcement, Weisberg reported: “We are presently negotiating with a major distribution partner to bring SofPulse® into South and Central America. Additionally, we are concurrently engaged in licensing and distribution discussions with recognized distribution partners in Australia, Europe and various Southeast Asian markets.”
SofPulse® is completing the final stages of receiving regulatory clearance in Taiwan through Endonovo’s distribution partner Evermed Medical Enterprise, Ltd. Final Taiwan FDA approval is expected to be completed in the first half of 2023.
“Go to Market” Global Strategy
“Our international ‘Go to Market’ strategy is to introduce the benefits of SofPulse® into global markets to provide an alternative approach for the management of post-operative pain. Our international partners will aggressively market the benefits of SofPulse® to gain rapid acceptance in these territories,” Weisberg stated.
The opportunities in these global markets is important to the growth of Endonovo. The International Society of Aesthetic Plastic Surgery (ISAPS) “International Survey on Aesthetics/Cosmetic Procedures Performed in 2020” reports the number one surgical procedure performed worldwide is “Breast Augmentation” which accounted for “1,624,281 procedures…Total surgical breast procedures performed worldwide was 3,062,897 out of the 10,129,528 surgical procedures performed in 2020.”
The global breast reconstruction market witnessed a robust Compound Annual Growth Rate (CAGR) of 7.11%, valued at $2.68 billion in 2021, expected to appreciate and reach $4.98 billion by 2030, confirms Strategicmarketresearch.com. Alliedmarketresearch.com reported: “The global cosmetic surgery market is valued at $67.3 billion in 2021 and is projected to reach $201.0 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031.”
Weisberg to Utilize International Contacts
To expedite international expansion and increase awareness and sales of SofPulse®, Weisberg is utilizing prior professional relationships with well-established international distribution and healthcare companies. Weisberg’s previous work with medical devices through international partners increased sales for his previous companies netting over $50 million in sales.
Weisberg noted: “Every company in which I have presented the SofPulse opportunity has been positive and interested in entering into a long-term relationship with Endonovo to bring the benefits of SofPulse into their markets. These international initiatives, coupled with what we are doing in the United States to establish SofPulse® as the standard of care for pain management, may make 2023 a banner year for Endonovo.”
Taiwan FDA Approval Schedule
The approval to market SofPulse® by the Taiwan FDA is expected in the first half of 2023 thereby allowing the Company’s distribution partner, Evermed, to begin selling and distributing SofPulse® throughout the Taiwanese surgical markets with surgical cases exceeding a million in hospital surgeries and over 900,000 outpatient surgeries annually, according to National Health Insurance System in Taiwan.
Alan Collier CEO of Endonovo stated: “Having Ira Weisberg, a proven medical executive, running the global expansion of SofPulse® is exactly what is needed to bring Pulsed Electro Magnetic Frequency (PEMF) medical benefits to the mass surgical markets.”
Alternative to Opioids
Weisberg concluded: “SofPulse® has shown in clinical and surgical applications to provide physicians, hospitals and patients a viable alternative to opioid surgical pain and edema reduction that has shown to provide patients with improved post-surgical outcomes. Bringing the benefits of SofPulse into these global markets, along with our aggressive ‘Go to Market’ strategy for the US market, will further enable SofPulse® to achieve more than $100 million in sales by 2024.”
SofPulse® medical devices are FDA cleared and utilize PEMF therapy to reduce pain and edema (swelling) following surgery. PEMF therapy is a non-invasive treatment that uses low-frequency electromagnetic fields to stimulate the body's natural healing processes. SofPulse® medical device have shown to be an effective holistic drug-free alternative to opioids for pain management which can help patients significantly reduce opioid use when dealing with acute and chronic pain conditions.
“NewCo” Spin-Off
As previously announced, Endonovo has plans in place to spin-off its medical device assets to a new company (“NewCo”) being formed by its current President and Chief Commercial Officer of its Medical Division, Ira Weisberg. Weisberg will be responsible for running NewCo independently from Endonovo. Endonovo’s recently announced telehealth initiative will be included in the spin-off of NewCo. It is expected that NewCo will have a $50 million pre-money valuation before applying for listing on NASDAQ.
About Endonovo Therapeutics, Inc.
Endonovo Therapeutics is currently structured into two divisions: Legacy – a commercial-stage developer primarily of noninvasive wearable Electroceuticals® therapeutic devices for pain relief, general wellness and wound curatives with many of its products marketed under the SofPulse® brand name; and its Build Up Strategy – acquiring complementary specialty service providers in the construction industry.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate", "believe", "plan", "estimate", "expect", "intend" and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Investor Relations Contact:
Endonovo Therapeutics, Inc.
Steve Barnes
(800) 701-1223 Ext. 108
sbarnes@endonovo.com
www.endonovo.com
Media Contact:
Gregory A. McAndrews
Greg McAndrews & Associates
(310) 804-7037
greg@gregmcandrews.com
