SANUWAVE Signs Joint Venture Partnership with Tarbaca for 3 Countries in Central America
SUWANEE, GA, June 26, 2018 (GLOBE NEWSWIRE) -- SANUWAVE Health, Inc. (OTCQB: SNWV) is excited to announce the execution of a binding term sheet for a Joint Venture (JV) with Tarbaca Lightning, the distribution company of Latin America Pharma Supply Inc. The JV will cover Costa Rica, Panama, and El Salvador. It is expected that the JV will receive their initial devices in the second half of 2018 and begin generating revenue shortly thereafter. The agreement is similar to other International JV’s that SANUWAVE has entered into, in that, the profits are shared equally among the partners, a management committee exists to ensure success of the JV, and milestones are established with payments being made to SANUWAVE upon achievement of such milestones. It is also anticipated that the joint venture will establish a Center of Excellence in Costa Rica for training and clinical study purposes.
Kevin Richardson II, CEO and Chairman of SANUWAVE, stated, “As SANUWAVE expands internationally it is imperative that we find experienced partners who understand the demands of treating wounds and can navigate the local landscape. Gustavo Di Mare is experienced in the wound care space having led the Bristol Myer’s Convatec (wound care) division for Latin America.”
Gustavo Di Mare of Tarbaca stated, “We are extremely excited to partner with SANUWAVE to bring the innovative dermaPACE® technology to physicians and Diabetic Foot Ulcers (DFU) patients in the Central American market. This transformative DFU treatment meets a marketplace need in the advanced wound care space here and in SANUWAVE’s future expansion of the technology to other wound indications. The device will spawn a new generation of disruptive technological advancements in the care and treatment of advanced wounds in Central America.”
The Agreement covers Costa Rica, Panama, and El Salvador. The countries represent a population over 6 million with an estimated 700,000 diabetics. Unfortunately, the growth rate of diabetes in this region is growing in the high single digits. It is anticipated the JV will place units in high population areas around capital cities and then expand to clinics over the next few years. The JV will work on obtaining device approval by the Costa Rican Social Security Fund to allow for coverage, but initially will focus on private payments.
SANUWAVE worked with Universus Global Advisors to select to Tarbaca. Universus has extensive Latin American market expertise and key C-level relationships in the medical products industry. These relationships enabled SANUWAVE to partner with Tarbaca, a leader in medical products distribution in Central America.
About SANUWAVE Health, Inc.
SANUWAVE Health, Inc. (OTCQB:SNWV) (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 US FDA cleared for the treatment of Diabetic Foot Ulcers. The device is also CE Marked throughout Europe and has device license approval for the treatment of the skin and subcutaneous soft tissue in Canada, South Korea, Australia and New Zealand. 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 Tarbaca and Latin America Pharma Supply Inc.
Tarbaca is the distribution company in Costa Rica for Latin America Pharma Supply Inc., a company that was formed in 2005. Latin America Pharma Supply specializes in the distribution, import and export of medical devices, pharmaceutical, personal care and nutritional products in the Latin American region. Latin America Pharma Supply is a consolidated company which possesses its own sale force, marketing personnel and customer service. Latin America Pharma Supply is led by Gustavo Di Mare who possesses over 20 years of experience in the Latin American medical markets. He has held senior executive positons with several multinational companies, such as Bristol Myers Squibb’s Convatec division, holding the office of General Director of the Latin American region. He also held the office of general director for the northern part of Latin America in the division of medical devices/consumer marketing for Becton Dickinson. Latin America Pharma Supply is headquartered in Tampa, Florida.
About Universus Global Advisors LLC
Universus Global Advisors provides strategic solutions to medical product companies seeking market entry and growth in Brazil and other Latin American markets. We provide strategic market assessments and create market development strategies for new, innovative technologies. With a thorough understanding of country-level reimbursement dynamics and a deep network of key stakeholders, we understand the key dynamics of market entry strategy across Latin America. In addition, our network of C-level relationships in the medical products industry across LATAM enables us to identify, introduce and manage strategic alliance and partner relationships that enhance enterprise value for our clients.
Michael Hubert
Principal
Universus Global Advisors
michael.hubert@universusadvisors.com
+1-404-909-6721
Mauricio Grimoni
Partner
Universus Global Advisors
mauricio.grimoni@universusadvisors.com
+55 11 9.9196.5033
Forward-Looking Statements
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.
CONTACT: CONTACT INFORMATION Millennium Park Capital LLC Christopher Wynne 312-724-7845 cwynne@mparkcm.com SANUWAVE Health, Inc. Kevin Richardson II Chairman of the Board 978-922-2447 investorrelations@sanuwave.com
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