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Investing.com — Medical device maker Inspira Technologies Oxy BHN Ltd (NASDAQ:IINN) announced Tuesday that it has signed an exclusive distribution agreement with Anita Técnica S.L. (WAAS Group).
WAAS Group is a distributor and technical service provider of medical equipment and supplies in Spain.
The news sent Inspira shares flying over 200%, to $7.50 — an all time high for the stock since its initial public offering in July.
The agreement has an initial seven-year term and will see the companies collaborate on the marketing and deployment of the ART device, a respiratory support system designed to treat deteriorating respiratory failure patients while they are awake and breathing.
Inspira said the device has the potential to reduce the need for mechanical ventilation across Spain and Portugal.
As part of the deal, WAAS Group is committed to purchasing a minimum of 1040 ART devices and 35,360 disposable units within seven years.
“Portugal and Spain are important markets in Europe that have extensive experience operating extracorporeal technologies. We see this as an advantage in ensuring the rapid penetration and adoption of our innovative ART device by the local medical community,” said Joe Hayon, Inspira Technologies’ Co-Founder, President and Chief Financial Officer.
