The UK-headquartered bioelectronics company has set its sights on the US healthtech market following a series of new investors, new product developments and a 156% sales increase.
Leading bioelectronic innovator NuroKor BioElectronics has announced plans to ramp up its US expansion, following 12 months of rapid growth during which the company’s half-year sales rose by 156%.
NuroKor, which pioneers the development of wearable technology that uses bioelectric nerve, muscle and microcurrent stimulation to help manage pain and optimise physical performance, has today announced a major new partnership with Medi-Launch Partners, as well as the onboarding of Florida-based U.S investors.
Medi-Launch Partners, the New York and Southern California-based enterprise, specialises in the launch and distribution of pioneering medical devices and will be working with NuroKor to optimise the commercial success of NuroKor’s mibody and newly developed mediliev Rx devices across the US through over the counter and prescription avenues to support with chronic pain management and recovery.
With a field team of around 500 experienced medical device personnel, the 5 year partnership will collaborate with leading physicians around the country to support and empower patients with ongoing pain control outside the clinical setting, whilst still under medical care, unlike many high-strength painkillers such as opioids. Medi-Launch Partners will also be supporting NuroKor in selling to high-performance athletes to aid with performance and recovery - a model that has already proven successful for NuroKor in the UK, with the business recruiting more than 50 Olympians and elite athletes as ambassadors.
NuroKor founder and CEO, Rick Rowan, said: "It’s been an exceptional 12 months for NuroKor and, despite the effects of the pandemic, we saw our half year sales (May - October 2020) rise by 156% on the previous year, demonstrating how the global healthtech ecosystem is thriving in the face of great adversity.
"With Covid-19 only expediting the need for more remote monitoring and interventional medical solutions like the NuroKor devices, bolstering our US presence is a natural progression for the business, and one we believe holds a significant amount of potential. Our partnership with Medi-Launch Partners will be instrumental in ensuring we are able to distribute as far and wide as possible, reaching those who need highly effective, non-invasive pain relief."
As the only life sciences company of its kind worldwide, NuroKor is playing an important role in changing the way medical professionals and patients approach pain management. It’s non-invasive wearable technology combine three clinically-proven bioelectric technologies to target users’ acute and chronic pain, optimise recovery and rehabilitation and increase physical performance - reducing the need for over-the-counter medications, and potentially harmful painkillers.
Dave Clark, managing partner at Medi-Launch Partners, added: "Drug overdose deaths in the US rose to an all time high in 2019, with two-thirds being linked to opioids1. The opioid crisis is a very real and rapidly escalating issue, and as such, the need for alternative solutions to traditional forms of pain relief is becoming paramount.
"We believe NuroKor has huge potential in addressing this challenge and through our partnership, we will ensure that we get the technology into the hands of as many medical professionals and US patients as possible."
With the global bioelectronics industry now predicted to be worth USD $28.5 billion by 2026, NuroKor’s growing potential has been recognised by some of the world’s leading clinical minds. Over the past 12 months alone, the company has secured financial backing from more than 20 healthcare professionals, taking its overall total to more than 60 investors.
The latest clinical investor to join the NuroKor team is Dr Alaina Edgemon, head of the Florida Natural Medicine & Pain Centre. With an extensive background in biomedical sciences, acupuncture and alternative therapies, Dr Edgemon will become a NuroKor distributor and advocate in the US, supporting the business in accessing pain patients across the country.
Speaking about her investment in NuroKor, Dr Edgemon said: "We are already starting to see a huge shift in the way many patients approach their medical care, with more autonomy and a greater sense of control becoming increasingly high on people’s agendas. I have been so impressed with how NuroKor is using the very latest advances in science, as well as a wealth of clinical data, to power its technology and address these changing needs.
"I truly believe that the business has a very bright future ahead, and as well as being one of its first US investors, I am looking forward to playing a very active role in the business’s growth here in the States."
As well as its extensive list of clinical investors, NuroKor has raised £2m under SEIS and EIS advance assurance, a UK government enterprise investment scheme initiative in the lead up to a £10m Series A raise, which will be taking place this year. Once the Series A funding is finalised, it will be used to activate the business’s 24 - 48 month roadmap, which will include the development of biosensor feedback, AI and machine learning algorithms.
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