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Nexalin Technology, Inc. and Wider Come Limited Announce Joint Venture Agreement to Advance Commercialization of Nexalin’s tACS Devices in the Asia Pacific Region
Wider Come to fund and conduct a total of four clinical trials, spanning insomnia, depression and other indications HOUSTON, June 01, 2023 (GLOBE NEWSWIRE) --
About this update from Nexalin Technology, Inc.
[{"type":"text","content":"Wider Come to fund and conduct a total of four clinical trials, spanning insomnia, depression and other indications\nHOUSTON, June 01, 2023 (GLOBE NEWSWIRE) -- Nexalin Technology, Inc. (the “Company” or “Nexalin”) (Nasdaq: NXL; NXLIW) today announced it has formalized a joint venture arrangement (“JV”) with Wider Come Limited (“Wider”). The JV, to be conducted through a company newly-formed under the laws of Hong Kong, will be engaged in the clinical development, marketing, sale and distribution of Nexalin’s second generation transcranial Alternating Current Stimulation (“tACS”) devices (“Gen-2 devices”) in China and the greater Asia Pacific region. In addition, Wider is contractually obligated to fund, have conducted, and have published the results of four separate clinical trials evaluating the treatment of patients with insomnia, depression, and other indications, utilizing Nexalin’s Gen-2 devices. Previously, Wider served as an authorized distributor of the Company’s Gen-2 devices in Asia. Wider’s role is expanded under the newly-formalized JV to include the funding of all operations of the JV for the next 12 months, after which Nexalin and Wider plan to jointly fund the JV’s operating expenses in accordance with their pro rata ownership. Wider and Nexalin will own 52% and 48% of the JV, respectively. Mark White, CEO of Nexalin Technology, stated, \"This joint venture marks an important milestone that we believe will advance the clinical development and commercial rollout of our neurostimulation technology. We appreciate the continued support from Wider, which initially commenced with the sales of our Gen-2 devices in China following approval by China’s National Medical Products Administration (NMPA). Moreover, Wider began funding, and commenced, additional clinical trials of our neurostimulation technology across a variety of indications, prior to the formalization of this joint venture agreement. These trials should not only help with sales in China and the greater Asia-Pacific region, but also provide valuable data to support clinical and commercial activities in North America and elsewhere. We continue to benefit from Wider’s deep industry relationships, including many of the leading psychiatric centers across China, as well as the expertise of its CEO, Patrick Zhu, a neurosurgeon heading up clinical research for the joi...