- 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.”
About Electromedical Technologies
Headquartered in Scottsdale, Arizona, Electromedical Technologies, Inc. is a commercial stage, FDA cleared, bioelectronic medical device manufacturing company initially focused on the treatment of various chronic, acute, intractable, and post-operative pain conditions. Through university collaboration agreements the company is working to develop a comprehensive research program in defining the effects of electro-modulation on the human body by studying the impacts of electrical fields in cell signaling and effects on virus assembly and immune responses with the goal of improving human wellbeing. The company’s current cleared product indications are for chronic acute post traumatic and post-operative, intractable pain relief.
Our animal studies do not involve any human testing, and are not related to our current products. We are conducting this research to augment and advance the science of electro-modulation in healthcare. The United States Food and Drug Administration has not reviewed or approved our animal research studies
For more information, visit www.electromedtech.com.
Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
Corporate Contact:
Electromedical Technologies, Inc.
Matthew Wolfson
Tel: 1.888.880.7888
email: ceo@electromedtech.com
https://electromedtech.com