ATLANTA, Nov. 15, 2017 (GLOBE NEWSWIRE) — Medovex Corp. (NASDAQ:MDVX) (“Medovex” or the “Company”), the developer of the DenerveX® System, a new and novel device designed for enduring relief of Facet Joint Syndrome related to chronic back pain, a non-addictive, non-opioid drug alternative capable of restoring a patient to a more normal and active lifestyle, today announced that has applied with OTC Markets Inc. to be listed on their OTCQB exchange.
The Company expects its shares will be accepted to trade on OTCQB under the symbol “MDVX” effective as early November 16, 2017.
This transition to the OTCQB market has no effect whatsoever on the Company’s business operations. The Company will continue to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws and anticipates filing its fiscal third quarter 2017 10Q within the extension period.
The Company continues to focus on the international roll-out of its DenerveX System, a non-opiate or non-pharmacological pain-relief system that denervates and removes capsular tissue from the Facet Joint in one single procedure. Treatment results from the combined effect of a deburring or polishing action and RF ablation treatment on the Facet Joint. Using this new technique, the slowly rotating burr removes the targeted facet joint synovial membrane and joint surface while the heat ablation destroys tissue and denudes any residual nervous and synovial membrane overlying the joint, removing the end point sensory tissue of the joint.
Recent patient and surgeon feedback continues to be overwhelmingly positive with no reported patient adverse events to date. Additionally, there has not been a single device failure. The Company and management are highly encouraged specifically by numerous patient results observed where the patients sited significant pain relief post procedure and in some cases experienced pain relief during the procedure. Many of the patients resuming physical activities not possible prior to treatment such as swimming, lifting weights and running. One patient in the UK avoided the need for a spinal fixation surgery because of the pain relief delivered by the DenerveX System.
In one particular case a patient received pain relief during the running of the device in the procedure room followed by the patient departing the procedure room under their own power and subsequently discharged within minutes of the procedure with no pain relievers being prescribed. The Company is currently compiling the initial data from its first ten patients and hopes to make it publicly available when able.
National Center for Health Statistics estimate drug overdoses due to opioid use increased 21% in 2016; 64,070 Americans died as a result of opioid use in the last year. On the campaign trail, President Trump talked about combating opioid addiction.
DenerveX System was designed by medical professionals, for medical professionals to enhance a patient’s quality of life. The agony of pain associated with Facet Joint Syndrome can be life-altering, robbing people of even the simplest joys of daily life like bending over to hug a grandchild, taking a walk or gardening. The DenerveX System involves a simple, minimally invasive, “keyhole” procedure that is designed to bring faster, longer-lasting relief.
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Medovex was formed to acquire and develop a diversified portfolio of potentially ground breaking medical technology products. Criteria for selection include those products with potential for significant improvement in the quality of patient care combined with cost effectiveness. The Company’s first pipeline product, the DenerveX System, is intended to provide long lasting relief from pain associated with facet joint syndrome at significantly less cost than currently available options. To learn more about Medovex Corp., visit www.medovex.com.
Safe Harbor Statement
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.