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Inspira Technologies OXY B.H.N Ltd. (NASDAQ:IINN) (NASDAQ:IINNW) (the "Company" or "Inspira Technologies"), a pioneer in life support technology with a vision to supersede traditional mechanical ventilators, has announced the signing of a non-binding Letter of Intent (LOI) with Northwestern Memorial Hospital in Chicago, Illinois ("Northwestern"). Northwestern, ranked as the eighth best hospital in the United States by Newsweek in 2023, is part of Northwestern Medicine, which operates several hospitals in the United States.
The LOI expresses the mutual interest by both parties to further explore potential collaboration regarding the evaluation of how the INSPIRA ART100 device ("Device" or "Devices") aligns with Northwestern's needs in clinical scenarios, workflow efficiency, and healthcare delivery. Northwestern will also agree to purchase all necessary disposables to operate the Devices and will, in turn, provide Inspira Technologies with valuable data and Device diagnostics from its usage. The terms of the agreement contemplated by the LOI are subject to U.S. Food & Drug Administration ("FDA") clearance of the Device in the first half of 2024 as well as the parties entering a definitive evaluation agreement.
Joe Hayon, President of Inspira Technologies, commented: "We believe that an opportunity to evaluate the INSPIRA ART100 with a leading hospital, such as Northwestern, may evolve into a significant route to entering the healthcare market in the U.S."
