NanoVibronix Inc (NASDAQ: NAOV), a leading medical device company, has recently announced a strategic collaboration with Veranex Inc. This partnership will see Veranex Inc providing research and development services for NanoVibronix’s next generation UroShield and PainShield products.

The agreement aims to leverage Veranex’s industry expertise and manufacturing capabilities to enhance the innovation and quality of NanoVibronix’s products. Brian Murphy, the CEO of NanoVibronix, expressed his optimism about the collaboration, stating, ‘Teaming up with Veranex provides us with access to additional industry expertise and manufacturing know-how to further improve our products and stay ahead of the innovation curve. By working with an outside partner with proven methods and techniques to evolve our products, we believe we will be able to offer a next generation of products that not only increases clinician and patient satisfaction but also future-proofs the components and reduces our cost of goods.’

The announcement comes as NanoVibronix Inc (NAOV) closed 3.44% lower at $0.900 on Nasdaq on Thursday, marking the end of a two-day streak of gains. Despite this, the company maintains a total market cap of $1.842 million. In 2023, NanoVibronix Inc (NAOV) experienced a 77.18% decrease in its shares, in contrast to the benchmark index, Nasdaq Composite (IXIC), which saw a 43.42% gain. Year-to-date, the company’s shares have retreated by 21.74%.

Overall, the collaboration with Veranex Inc signals a significant step for NanoVibronix Inc as it seeks to enhance its product offerings and drive future growth in the medical device industry.