Inspira Technologies (NASDAQ:IINN) stock is rocketing higher on Thursday after signing a distribution deal with Innovimed.
This distribution agreement will have Inspira Technologies and Innovimed working together on the marketing and deployment of the former’s ART device. This is a medical device for the treatment of deteriorating respiratory failure patients that are still awake and breathing.
The agreement with Innovimed covers Poland, the Czech Republic, as well as Slovakia. To maintain exclusivity, Innovimed has agreed to purchase 1,552 ART devices and 59,040 disposable units.
According to the agreement, Innovimed will deploy the ART units are hospitals and medical centers. However, first they need regulatory approval for the sale of the devices in Poland, the Czech Republic, and Slovakia.
Joe Hayon, co-founder, president and CFO of Inspira Technologies, said the following in the news release boosting IINN stock today.
“Poland, Czech Republic and Slovakia are very interesting markets for Inspira’s ART device. The extracorporeal membrane oxygenation (ECMO) program for Greater Poland’ takes full advantage of the ECMO perfusion therapy opportunities to promote the health of citizens in the region. I believe that this program may lead to an expedited adoption of the ART device based on extracorporeal respiratory approach in these markets.”
With the distribution deal comes heavy trading of IINN stock today. As of this writing, more than 59 million shares of the stock have changed hands. That’s an impressive leap over its daily average trading volume of about 4.5 million shares.
IINN stock is up 91.5% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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