Nexalin Technology, Inc. and Wider Come Limited Announce Joint Venture Agreement to Advance Commercialization of Nexalin’s tACS Devices in the Asia Pacific Region
2023年6月1日 - 9:30PM
Nexalin Technology, Inc. (the “Company” or “Nexalin”)
(Nasdaq: NXL; NXLIW) today announced it has formalized a
joint venture arrangement (“JV”) with Wider Come Limited (“Wider”).
The JV, to be conducted through a company newly-formed under the
laws of Hong Kong, will be engaged in the clinical development,
marketing, sale and distribution of Nexalin’s second generation
transcranial Alternating Current Stimulation (“tACS”) devices
(“Gen-2 devices”) in China and the greater Asia Pacific region. In
addition, Wider is contractually obligated to fund, have conducted,
and have published the results of four separate clinical trials
evaluating the treatment of patients with insomnia, depression, and
other indications, utilizing Nexalin’s Gen-2 devices.
Previously, Wider served as an authorized
distributor of the Company’s Gen-2 devices in Asia. Wider’s role is
expanded under the newly-formalized JV to include the funding of
all operations of the JV for the next 12 months, after which
Nexalin and Wider plan to jointly fund the JV’s operating expenses
in accordance with their pro rata ownership. Wider and Nexalin will
own 52% and 48% of the JV, respectively.
Mark White, CEO of Nexalin Technology, stated,
"This joint venture marks an important milestone that we believe
will advance the clinical development and commercial rollout of our
neurostimulation technology. We appreciate the continued
support from Wider, which initially commenced with the sales of our
Gen-2 devices in China following approval by China’s National
Medical Products Administration (NMPA). Moreover, Wider began
funding, and commenced, additional clinical trials of our
neurostimulation technology across a variety of indications, prior
to the formalization of this joint venture agreement. These
trials should not only help with sales in China and the greater
Asia-Pacific region, but also provide valuable data to support
clinical and commercial activities in North America and elsewhere.
We continue to benefit from Wider’s deep industry
relationships, including many of the leading psychiatric
centers across China, as well as the expertise of its CEO,
Patrick Zhu, a neurosurgeon heading up clinical research for the
joint venture in China. Our strategy is to bring our effective and
drug-free therapy to patients with mental health issues throughout
the world.”
About Nexalin Technology, Inc.Nexalin
designs and develops innovative neurostimulation products to
uniquely and effectively help combat the ongoing global mental
health epidemic. All of Nexalin’s products are non-invasive and
undetectable to the human body and developed to provide relief to
those afflicted with mental health issues. Nexalin utilizes
bioelectronic medical technology to treat mental health issues.
Nexalin believes its neurostimulation medical devices can penetrate
structures deep in the mid-brain that are associated with mental
health disorders. Nexalin believes the deeper penetrating waveform
in its next-generation devices will generate enhanced patient
response without any adverse side effects. The Nexalin tACS device
was recently approved in China by the National Medical Products
Administration (NMPA) for the treatment of insomnia and depression.
Additional information about the Company is available at:
https://nexalin.com/.
FORWARD-LOOKING STATEMENTSThis
press release contains statements that constitute "forward-looking
statements," These statements relate to future events or Nexalin’s
future financial performance. Any statements that refer to
expectations, projections or other characterizations of future
events or circumstances or that are not statements of historical
fact (including without limitation statements to the effect that
Nexalin or its management “believes”, “expects”, “anticipates”,
“plans”, “intends” and similar expressions) should be considered
forward looking statements that involve risks and uncertainties
which could cause actual events or Nexalin’s actual results to
differ materially from those indicated by the forward-looking
statements. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's Report on Form 10-K for the year ended December 31,
2022 and other filings as filed with the Securities and Exchange
Commission. Copies of such filings are available on the SEC's
website, www.sec.gov. Such forward-looking statements are made as
of the date hereof and may become outdated over time. Such
forward-looking statements are made as of the date hereof and may
become outdated over time. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contact:Crescendo Communications, LLCTel: (212)
671-1020Email: NXL@crescendo-ir.com
Nexalin Technologies (NASDAQ:NXL)
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