-Agreement represents continued expansion of CoSense outside the US-
REDWOOD CITY, Calif., June 07, 2016 (GLOBE NEWSWIRE) -- Capnia, Inc. (NASDAQ:CAPN), a diversified healthcare company that develops and commercializes innovative diagnostics, devices and therapeutics addressing unmet medical needs, today announced that it has entered into an exclusive three-year distribution agreement with M/s.Healthware Private Limited (Healthware) for the sale of its CoSense End-Tidal Carbon Monoxide (ETCO) Monitor and Precision Sampling Sets in India.
Under the terms of the agreement, Healthware will be responsible for all sales and related activities supporting the distribution of CoSense in India. Additionally, Healthware will, at its own expense, secure and maintain all registrations and approvals necessary to facilitate sales of CoSense in India. Sales of CoSense to Healthware will commence immediately.
“A key component of our global commercialization strategy is to partner with strong national and regional distributors with proven capabilities who we believe can be integral to the global expansion of CoSense into high-growth territories,” said Anish Bhatnagar, M.D., Chief Executive Officer of Capnia. “This distribution agreement with Healthware provides us with a significant footprint in India, where over 25 million babies are born each year, and early detection of hemolysis using our portable, point-of-care CoSense ETCO monitor can have a positive impact on health outcomes.”
“At Healthware, we strive to bring to our hospital and physician customers best-in-class medical devices that represent the latest in technology and innovation,” said K. Ray Narayan, Managing Director of Healthware. “Hemolytic disease is a significant problem in India and its detection in newborns would help ensure timely diagnosis and appropriate treatment. We are eager to introduce CoSense to our portfolio of products that improve the lives of patients and families nationwide.”
Healthware is a leading importer and distributor of medical technology and related equipment to hospitals and health care practitioners in India.
Capnia is a leading provider and developer of innovative healthcare products to be used for the screening, detection and treatment of medical conditions. The Company’s flagship products are based on its proprietary technologies, which utilize precision metering of gas flow. Capnia currently markets Serenz® Allergy Relief in the European Union (E.U.). The CoSense® End-Tidal Carbon Monoxide (ETCO) Monitor measures ETCO, which can be used to detect hemolysis and the Infant Solutions product line, including innovative pulmonary resuscitation devices for neonates and infants, are marketed globally. The Company is also clinically evaluating its nasal, non-inhaled CO2 technology to treat trigeminally-mediated pain conditions such as cluster headache and trigeminal neuralgia. For more information, please visit www.capnia.com.
This press release contains forward-looking statements that are subject to many risks and uncertainties. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, our ability to generate sales under this distribution agreement.
We may use terms such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained herein, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this presentation. As a result of these factors, we cannot assure you that the forward-looking statements in this presentation will prove to be accurate. Additional factors that could materially affect actual results can be found in Capnia's Form 10-Q filed with the Securities and Exchange Commission on May 12, 2016, including under the caption titled "Risk Factors." Capnia expressly disclaims any intent or obligation to update these forward looking statements, except as required by law.
Investor Relations Contact:
Michelle Carroll/Susie KimArgot Partners