Los Angeles, CA, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Endonovo Therapeutics, Inc. (OTCQB: ENDV) announced the advancement of its aggressive “Go to Market” strategy for expansion of SofPulse® medical device distribution through the U.S. Department of Defense (DoD), Veterans Administration (VA) and other federal healthcare facilities (FHS) contracts.
President and Chief Commercial Officer of Endonovo’s Medical Division, Ira Weisberg, is overseeing the “Go to Market” strategy and is actively engaging in contract talks geared toward expanding sales and marketing efforts for licensing and distribution contracts of SofPulse® through the government channels.
The VA and DoD are responsible for providing healthcare and other services to members of the military and veteran populations in the United States. Both the VA and DoD have established systems for purchasing goods and services, which may include specific requirements for contractors, such as registered Small Business Administration (SBA) firms or Service-Disabled Veteran-Owned Small Business (SDVOSB) firms.
Weisberg Leads Negotiations.
In making the announcement, Weisberg commented: “We are actively negotiating with a veteran-owned company that will provide for the introduction of SofPulse® into the Department of Defense, Veterans Administration and other federal healthcare facilities. Providing SofPulse®, an FDA cleared medical device, designed to provide a viable alternative to opioid pain management for surgical patients to all our DoD and VA physicians, hospitals and patients offers a pain management solution that has shown to provide patients with improved post-surgical outcomes.
Weisberg continued: “Endonovo is expanding our mission to become a prime supplier into the federal supply system and extending the benefits of SofPulse®. We are presently engaged in talks with a world-class government and academic collaboration to bring sensible pain management methods to the military.”
“NewCo” Spin-Off to Focus on SofPulse®
Endonovo is presently expanding sales and marketing efforts in support of its “Go to Market” strategy with the belief that new management and sales efforts can take the previously announced spin-off, NewCo, focused on SofPulse® medical devices and IP to generate more than $100 million in sales by2024. The projected timeline for the NewCo to be listed as a NASDAQ company, will be clarified over the first half of 2023.
According to Weisberg: “Increasing sales with established government contractors is an efficient way to continue the commercialization of SofPulse®. We believe that by adding large government contracts to our sales and distribution channels through our military and government patient populations we will be able to reach the $50 million projected pre-money valuation for NewCo post-closing of the medical device assets from Endonovo.”
VA.gov reports: “The Veterans Health Administration (VHA) is the largest integrated health care system in the United States, providing care at 1,298 health care facilities, including 171 VA Medical Centers and 1,113 outpatient sites of care of varying complexity (VHA outpatient clinics) to over 9 million Veterans enrolled in the VA health care program.”
Americanaddictioncenters.org reports: “The national opioid crisis affect every demographic but none so heavily as veterans. According to Robert Wilkie, the Secretary of Veterans Affairs, veterans are twice as likely to die from an opioid overdose than civilian Americans. U.S. military veteran have been heavily impacted by the opioid overdose crisis, with drug overdose mortality rates increasing by 53% from 2010–2019.”
Source: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9262363/pdf/IANN_54_2092896.pdf
PAIN MANAGEMENT PROGRAM INTRODUCED
Weisberg continued: "As an important element of our ‘Go to Market’ strategy, Endonovo has developed a ‘Pain Improvement Program’ (PIP) to focus on military and veterans’ surgical outcomes. We believe the PIP initiative will pave the way to improve the surgical outcomes and reduce opioid use for our active military heroes, their families as well as our veterans. Our Company is committed to improving the quality of life of our sons and daughters in active military service as well as those who have already served. Bringing SofPulse® non- opioid pain reduction benefits to our military, retired military veterans and other federal workers is a duty we do not take lightly.”
SofPulse® is a medical device that is designed to provide a viable alternative to opioid pain management for surgical patients. The device uses Pulsed Electro-Magnetic Field (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 and has shown to be a safe and effective alternative to opioids for managing pain and reducing edema following surgery.
Weisberg concluded: “I am extremely proud of our Company in its rapid completion of the PIP initiative to bring a proven drug-free pain management device to our military, government and veterans patient populations. Extending the benefits of SofPulse® into patient populations that are severely impacted by the opioid crisis was viewed by our Company as a mission critical requirement for the re-launch of SofPulse® as a holistic drug-free alternative to opioids for surgical pain management.”
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
