Companies to Establish a Strategic Alliance and Joint Venture to Introduce the dermaPACE Device as a Preferred Treatment for Diabetic Foot Ulcers in the Gulf Cooperation Council Region
SANUWAVE Receives Initial dermaPACE Device Order for the GCC
ALPHARETTA, Ga., Dec. 2, 2014 (GLOBE NEWSWIRE) -- SANUWAVE Health, Inc. (OTCQB:SNWV), a shockwave technology company using its patented technology in wound healing to treat diabetic foot ulcers, today announced that is has signed memoranda of understanding with Dasman Diabetes Institute and Kuwait Life Sciences Company (KLSC), a wholly owned subsidiary of the National Technology Enterprises Company (NTEC), to establish a strategic alliance and joint venture that will introduce SANUWAVE's dermaPACE® device as a preferred treatment for diabetic foot ulcers in the six nation Gulf Cooperation Council (GCC). SANUWAVE has received an initial order for dermaPACE devices that will be used by the Dasman Diabetes Institute to treat diabetic foot ulcers in its state-of-the-art diabetes center in Kuwait.
"In a region where healthcare spending as a percentage of GDP is on the rise, with about 70% government spending and a growing private sector participation, SANUWAVE has entered the GCC market with key strategic partners that we believe will enable us to effectively accelerate the penetration of the dermaPACE device within the GCC and redefine the advance wound care treatment for diabetic foot ulcers, with the dermaPACE to become the standard of care in this region," stated Kevin A. Richardson, II, SANUWAVE's Chairman of the board.
There is a growing prevalence of diabetes in the GCC which today is the highest in the world, with almost 17% of the adult population being affected. Governments in the GCC region recognize that diabetes is a health pandemic – the top 5 major countries in the world for prevalence of diabetes are in the GCC. Estimates suggest that around 23% of the Kuwait and 24% of the Saudi Arabia adult populations suffer from diabetes, compared to a global average of 6% and an average in the United States of 9%.
"One of the goals of our collaboration with SANUWAVE is to advocate for the inclusion of the dermaPACE device in the treatment guidelines for diabetic foot ulcers within the GCC Region," stated Michael Ferbuyt, Chief Executive Officer, Dasman Diabetes Institute.
"We are pleased to work with SANUWAVE to accelerate the transfer of their innovative technology to our region. Diabetic foot ulcer treatment is a huge opportunity in the GCC as evidenced by the significant prevalence of diabetes and resulting adverse medical side effects," said Qais Marafie, Chief Executive Officer, Kuwait Life Sciences Company. "Our initiative with SANUWAVE is wholly compatible with KLSC's mandate of building commercial platforms for introducing innovative medical devices such as the dermaPACE to our market."
About SANUWAVE Health, Inc.
SANUWAVE Health, Inc. (www.sanuwave.com) is a shock wave technology company initially focused on the development and commercialization of patented noninvasive, biological response activating devices for the repair and regeneration of skin, musculoskeletal tissue and vascular structures. SANUWAVE's portfolio of regenerative medicine products and product candidates activate biologic signaling and angiogenic responses, producing new vascularization and microcirculatory improvement, which helps restore the body's normal healing processes and regeneration. SANUWAVE applies its patented PACE technology in wound healing, orthopedic/spine, plastic/cosmetic and cardiac conditions. Its lead product candidate for the global wound care market, dermaPACE®, is CE Marked throughout Europe and has device license approval for the treatment of the skin and subcutaneous soft tissue in Canada, Australia and New Zealand. In the U.S., dermaPACE is currently under the FDA's Premarket Approval (PMA) review process for the treatment of diabetic foot ulcers. SANUWAVE researches, designs, manufactures, markets and services its products worldwide, and believes it has demonstrated that its technology is safe and effective in stimulating healing in chronic conditions of the foot (plantar fasciitis) and the elbow (lateral epicondylitis) through its U.S. Class III PMA approved OssaTron® device, as well as stimulating bone and chronic tendonitis regeneration in the musculoskeletal environment through the utilization of its OssaTron, Evotron® and orthoPACE® devices in Europe, Asia and Asia/Pacific. In addition, there are license/partnership opportunities for SANUWAVE's shock wave technology for non-medical uses, including energy, water, food and industrial markets.
About Dasman Diabetes Institute
Dasman Diabetes Institute (www.dasmaninstitute.org) is designated as the Center of Excellence and Reference for diabetes mellitus in the GCC countries. The mission of the Dasman Diabetes Institute is to be one of the leading comprehensive research and treatment facilities in its field and to contribute to the improvement of the health of future generations in Kuwait and the GCC as a whole. The Institute is achieving this by conducting research into diabetes to find better treatment modalities and possible solutions to slow down the spread of the disease and its associated complications in Kuwait and in the GCC. The Institute also provides specialized training opportunities for health professionals treating people with diabetes.
About Kuwait Life Sciences Company
Kuwait Life Sciences Company (www.klsc.com.kw) is a premier venture capital firm in the GCC that seeks to advance healthcare services and systems in the region and is designed as an integrated healthcare company building unique projects that focuses on innovative healthcare concepts which have a clear unmet need. KLSC also works actively with its portfolio management team to accelerate product penetration into the GCC region.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with the regulatory approval and marketing of the Company's product candidates and products, unproven pre-clinical and clinical development activities, regulatory oversight, the Company's ability to manage its capital resource issues, competition, and the other factors discussed in detail in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
For additional information about the Company, visit www.sanuwave.com.
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