NeurAxis Announces Over $8 Million in IB-Stim™ Revenue
August 17 2023 - 8:02AM
NeurAxis, Inc. (NYSE American: NRXS) (“NeurAxis” or the
“Company”), a medical technology company commercializing
neuromodulation therapies that address chronic and debilitating
conditions in children and adults, today announced it has generated
over $8 million in revenue following the commercial launch of its
proprietary IB-Stim™ technology. Sales began after NeurAxis
received FDA clearance for IB-Stim™ in the pediatric treatment of
functional abdominal pain and irritable bowel syndrome. NeurAxis is
conducting clinical trials with IB-Stim™ for four additional
pediatric indications, including chronic nausea, post-concussion
syndrome, chemotherapy induced nausea and vomiting, and cyclic
vomiting syndrome.
Approximately $2 million of the over $8 million
in IB-Stim™ revenue through March 31, 2023 was generated in 2020
and 2019.
Brian Carrico, Chief Executive Officer of
NeurAxis, said, “We are pleased to have reached over $8 million in
sales of our proprietary IB-Stim™ technology and look forward
building upon our momentum with the funds received from our
recently completed IPO. We continue to drive increasing adoption of
our IB-Stim™ therapy, supported by a significant and growing body
of positive clinical data and commercial large health insurance
company payor support. We believe the growing movement of patients
gravitating towards non drug related therapies, especially for
children, will continue to fuel our rapidly increasing adoption and
the market for our new indications.”
Forward Looking StatementsThis
document contains certain “forward-looking statements”. All
statements other than statements of historical fact are
“forward-looking statements” for purposes of federal and state
securities laws, including, but not limited to, any projections of
earnings, revenue or other financial items; any statements of the
plans, strategies, goals and objectives of management for future
operations; any statements concerning proposed new products and
services or developments thereof; any statements regarding future
economic conditions or performance; any statements or belief; and
any statements of assumptions underlying any of the foregoing.
Forward looking statements may include the words
“may,” “could,” “estimate,” “intend,” “continue,” “believe,”
“expect” or “anticipate” or other similar words, or the negative
thereof. These forward-looking statements present our estimates and
assumptions only as of the date of this document. Accordingly,
readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the dates on
which they are made. We do not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the dates they are made. You should, however, consult
further disclosures and risk factors we include in our filings with
the Securities and Exchange Commission.
About NeurAxis, Inc.NeurAxis,
Inc., is a medical technology company focused on neuromodulation
therapies to address chronic and debilitating conditions in
children and adults. NeurAxis is dedicated to advancing science and
leveraging evidence-based medicine to drive adoption of its
IB-Stim™ therapy, which is its proprietary Percutaneous Electrical
Nerve Field Stimulation (PENFS) technology, by the medical,
scientific, and patient communities. IB-Stim™ is FDA cleared for
functional abdominal pain associated with irritable bowel syndrome
(IBS) in adolescents 11-18 years old. Additional clinical trials of
PENFS in multiple pediatric and adult conditions with large unmet
healthcare needs are underway. For more information, please visit
http://neuraxis.com.
The estimated revenues generated in 2019 and
2020 reflect our estimated financial results which were not audited
nor reviewed by an independent registered public accounting
firm.
Contacts:
CompanyNeurAxis,
Inc.info @neuraxis.com
Investor
RelationsGilmartin
GroupIR@neuraxis.com
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