Palm Beach, FL – January 13, 2020 – The global pain management devices market size is expected to reach USD 9.3 billion by 2026 registering a CAGR of 7.6%, according to a new study by Grand View Research, Inc. The global prevalence of diabetes is expected to increase to 552 million by 2030. This is expected to increase product demand to manage chronic pain. Moreover, growing geriatric population base suffering from and susceptible to various diseases, including non-communicable diseases like cardiovascular disorders (CVDs), cancer, and diabetes, is likely to boost the demand. Preference for pain management devices over oral drugs and surgical interventions is also likely to be a high impact rendering driver for the market over the forecast period. According to the Grand View reports, the global market: “… is expected to witness strong growth as a result of various technological advancements in this field. These advancements include the advent of products such as electrode-based wearable automatic transcutaneous electrical nerve stimulators, which provide peripheral pain management in a 60-minute run cycle. Neurostimulation devices are more efficient than traditional methods as they show a sustained reduction in pain. Additionally, traditional therapy involves intake of medicines that could result in many adverse effects. Such equipment is widely used to manage neuropathic pain as spinal cord stimulators yield the best results. Moreover, these devices offer a customized level of stimulation depending on the activities undertaken by the patient in a day. Active Companies from around the market with current developments this week include: Electromedical Technologies Inc. (OTCPK: ELCQ), NovoCure Limited (NASDAQ: NVCR), Merck & Co., Inc. (NYSE: MRK), GlaxoSmithKline plc (NYSE: GSK), electroCore, Inc. (NASDAQ: ECOR).
Grand View also reported: “North America was the largest regional market in 2018 and held around half of the global revenue owing to the increased number of people affiliated with pain and thereby requiring management devices. The region is expected to maintain its dominance throughout the forecast years on account of presence of sophisticated healthcare infrastructure and rising adoption of advanced equipment by healthcare professionals and patients over conventional treatment therapies.”
Electromedical Technologies Inc. (OTC Pink: ELCQ) BREAKING NEWS: Electromedical Technologies, the developer and manufacturer of WellnessPro Plus
therapeutic medical device, is pleased to provide this corporate update summarizing its business to date, and its goals for 2020.
The Company develops and manufactures proprietary medical devices targeting physical pain relief. The Company’s flagship product is the WellnessPro Plus, developed in 2007. The WellnessPro Plus is a portable device designed to deliver localized pain relief, supplied by its distribution of calibrated electrical energy pulses. The Company’s mission is to develop, market and raise awareness of using electronic pulse therapies as a possible effective replacement or possible complement to current drug therapies targeting pain relief.
The Company’s proprietary technology in the WellnessPro Plus is based on its unique energy delivery system called DeepPulse. DeepPulse delivers a low voltage current to treat localized pain, and the Company believes that it provides longer lasting and more effective pain relief than many drugs and other products on the market.
The WellnessPro Plus received FDA clearance on July 6, 2007, as a Class II Medical Device, pursuant to the Company’s FDA clearance granted under section 510(K). The intended use of the WellnessPro Plus is for the treatment chronic intractable and acute pain, and as an adjunctive treatment for post-surgical and post-traumatic acute pain. The WellnessPro Plus is also qualified to be sold and used in Mexico. The WellnessPro Plus was found to meet device safety standards for Radiated Emissions, Electrostatic Discharge, Radiated Immunity and device safety. Today, many patients use the WellnessPro Plus in a variety of settings by healthcare professionals, athletes, coaches and others.
Commenting on the WellnessPro Plus, the Company’s President and Principal Executive Officer, Matthew Wolfson, observed: “A new era and a new category of medicine is emerging in the way we treat chronic pain. By learning to read and correct the electrical signals that travel between the brain and the body’s organs, we believe that a whole new frontier in treating chronic and acute pain will become reality in the not too distant future. By using energy, frequency and vibration, we want to unlock the body’s natural ability to achieve wellness, better health and a better quality of life. The WellnessPro Plus device provides variable and rotating frequencies that we believe triggers endorphin release, which helps to relieve chronic and acute pain without the use of drugs“.
The Company’s 2019 Achievements – The Company completed Regulation A+ Tier II offering; filed 15C-211 with FINRA to commence trading; and listed on the OTC Markets Pink Tier under ticker Symbol “ELCQ.” The Company completed an independent audit of its financials and filed a registration statement with the Securities and Exchange Commission on November 12, 2019, and is working on addressing comments from the Commission, with the goal of becoming a fully reporting company under the Securities Act.
The Company’s Goals for 2020 – The Company is actively engaged in research and development efforts on a new device it is calling the “WellnessPro Pod.” The Company envisions this device to provide more portability and features. The Company’s research and development’s goals for the “WellnessPro Pod” will be to expand the therapeutic uses for the Company’s technology, and to determine whether its technology may be helpful in other possible areas of treatment, such as PTSD, insomnia, depression, and anxiety. The Company also intends to pursue research and development to incorporate laser technology into its products that may allow the Company to enter the cosmetic applications market.
The Company also intends to extend its marketing outreach to wellness centers, targeting venues with significant patient traffic. The Company also expects to qualify its products for use in the European Union and Canada, further expanding its available markets. Read this and more news for ELCQ at: https://www.financialnewsmedia.com/news-elcq/
In the industry developments and happenings in the market this week include:
NovoCure Limited (NASDAQ: NVCR) the company and the American Association for Cancer Research (AACR) recently announced their 2nd Annual AACR-Novocure Grants for Tumor Treating Fields Research program. The program represents a joint effort to promote and support innovative research on Tumor Treating Fields to help deepen the understanding of the mechanism of action and to accelerate the development of new treatment strategies. The program includes research grants and career development awards totaling more than $2 million over the next three years.
“Our partnership with Novocure continues to break new ground toward the advancement of cancer science,” said Mitch Stoller, Chief Philanthropic Officer and Vice President of Development of the AACR Foundation. “We are grateful for Novocure’s visionary support of the AACR’s Grants Program, and we look forward to witnessing the innovative research that will result from these important grants.”
Merck & Co., Inc. (NYSE: MRK) known as MSD outside the United States and Canada, recently announced that the U.S. Food and Drug Administration (FDA) has approved KEYTRUDA, Merck’s anti-PD-1 therapy, as monotherapy for the treatment of patients with Bacillus Calmette-Guerin (BCG)-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.
“Today’s approval of KEYTRUDA reinforces our company’s commitment to expanding existing treatment options for certain patients with high-risk, non-muscle invasive bladder cancer,” said Dr. Scot Ebbinghaus, vice president, clinical research, Merck Research Laboratories. “As the first anti-PD-1 therapy approved in this setting, KEYTRUDA will be a new clinical option for a patient population that previously had limited FDA-approved therapies available.”
GlaxoSmithKline plc (NYSE: GSK) recently announced treatment with the investigational single-agent belantamab mafodotin resulted in a clinically meaningful 31% overall response rate (ORR) with the 2.5 mg/kg regimen in patients with heavily pre-treated multiple myeloma. Patients in the trial received a median of seven prior lines of treatment, were refractory to an immunomodulatory drug and a proteasome inhibitor and were refractory and/or intolerant to an anti-CD38 antibody. The median duration of response has not been reached at six months of follow-up.
Full results from the DREAMM-2 (DRiving Excellence in Approaches to Multiple Myeloma) study of belantamab mafodotin were published today in The Lancet Oncology. GSK also confirmed submission of a Biologics License Application to the US Food and Drug Administration (FDA) seeking approval of belantamab mafodotin for the treatment of patients with relapsed or refractory multiple myeloma whose prior therapy included an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody. Belantamab mafodotin is not currently approved for use anywhere in the world.
electroCore, Inc. (NASDAQ: ECOR) a commercial-stage bioelectronic medicine company, recently announced that the company’s current Chairman of the Board, Carrie S. Cox, will resign from the Board effective March 31, 2020. Ms. Cox also served on electroCore’s Audit and Nominating and Governance Committees. Michael Atieh, who joined the company’s Board in June 2018, will assume the role of Chairman.
“I joined the electroCore Board because I firmly believe in the promise of the company’s vagus nerve stimulation technology to treat a broad range of medical indications non-invasively, and improve the lives of countless numbers of patients,” said Ms. Cox. “I am proud of the progress that we have made thus far, and I leave the Board believing that we have assembled the team capable of maximizing the potential of this novel technology. I look forward to following the company’s continued progress at both expanding the commercial availability of gammaCore in its approved headache indications while in parallel exploring its potential utility in additional large-market disorders where the vagus nerve’s signaling activity is implicated.”
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