Qualis Innovations Inc. recently announces its financial results along with updated form Company's Chief Executive
Chadds Ford, Pennsylvania, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Qualis Innovations Inc. currently trades under symbol “QLIS”, recently announced its financial 10-Q report on November 14, 2022. The Company continues to progress on competition in its development on the SOLACE device. The company’s 10Q reports currently shows the Company has total assets of approximately 453K and total debt of less than 84K please see 10Q report for further details. Dr. Joseph Pergolizzi provided the following update to the Company’s progress and direction
As acting Chief Executive Officer of Qualis Innovations, I want to thank you for your support for Qualis Innovations and for your loyalty and patience while we work to build value in your company. I am writing you to provide an update on the progress management has made in positioning your company to become a known and respected leader in non-drug pain management and in providing innovative, effective, and cost-saving solutions for today’s challenging opioid crisis.
It is well known that death rates and costly hospitalizations from opioids are soaring out of control. CDC’s National Center for Health Statistics reports there were an estimated 107,622 opioid related drug overdose deaths in the United States during 2021, an increase of nearly 15% from the 93,655 deaths estimated in 2020. It is also estimated that opioid overdoses are costing hospitals $11 billion per year. The problem is so widespread that the Gallup Poll found 78% of those polled prefer pain management solutions that are drug free.
Clearly, the need for non-opioid pain medical device orientated solutions has never been greater. Now I will explain why Qualis’ management and myself are so excited to write to you about our plans and progress concerning this very big problem and why I believe we are so uniquely positioned to bring desperately needed solutions that we are confident have the potential to help alleviate the problem and at the same time, create substantial added value for your company.
On the drug-free pain management front, Qualis is moving to commercialize the SOLACE™ device that utilizes a directional handpiece to apply the planar heat more precisely to discrete areas of the body. Our Solace™ device is intended to provide clinicians with greater therapeutic control. As experts in pain management, we believe the market will be receptive to our new drug free pain treatment device and expect to be submitting our 510(k) to the FDA for the Solace device in the next quarter.
On another very exciting front, Qualis is in active discussions to acquire a company focused on opioid addiction and recovery solutions. Qualis believes this acquisition can becomea formidable profit center because of the potential to help patients and save hospitals and payers billions of dollars from avoidable episodes of care. These are all important developments that we expect can lead to substantial future growth.
While there can never be guarantees of success, management is nonetheless confident and highly motivated. It is management skills that will help drive our efforts to successful conclusions. A little about myself. I am a well-known, leading pain management specialist and an internationally recognized thought leader in anesthesiology, internal medicine, perioperative care, pain medicine, critical and palliative care, pharmacology, drug development, and regulatory affairs.
Additionally, I am a Co-Founder of Enalare Therapeutics that recently announced a $50.3 million award for from the Biomedical Advanced Research and Development Authority.
I am the co-founder of NEMA Research, Inc., a specialty CRO, a former invited subcommittee member of the FDA Safe Use Initiative, an SGE V.A. Health Grant Reviewer, a section Chairman of PAINWEEK, and Consultant to Global Pain Initiative’s Board of Directors.
I am the former director of business development and financial affairs for the Johns Hopkins University School of Medicine Clinical Trials Unit and a former part-time adjunct assistant professor in the Department of Medicine at Johns Hopkins University School of Medicine. I have published over 300 peer-reviewed medical articles, abstracts and posters and am frequently invited to share my presentations at scientific conferences and television around the world.
I am the recipient of numerous awards including Top Critical Care Medicine Doctor and Best in Medicine. I was a General Partner in the Life Science Equity Partners and have extensive executive board experience. Qualis’ management and myself thank you for your continued support and we look forward to announcing further developments as they unfold. Yours truly, Dr. Joseph Pergolizzi, CEO
About Qualis Innovations Inc
Through our wholly owned subsidiary mPathix Health Inc. we are a clinical stage company focused on the development, production, and distribution of pain management and other central nervous system (CNS) based solutions.
We are developing a product designed to address the unmet needs of patients who seek alternatives to traditional pain medications and interventions or adjunctive therapies to their current treatment regimen. We are currently developing our SOLACE device which is a non-invasive medical device that uses electromagnetic induction to generate deep heat below the surface of the skin to reduce and relieve pain. SOLACE™ delivers radio frequency (RF) energy continuously and thereby delivers thermal effects to the tissue and utilizes several differentiated features vs other radio frequency devices currently on the market. We believe that our SOLACE device product will provide clinicians and patients with new and differentiated set of pain management tools to meet the diversity of patient needs. We plan to submit our 510(k) application with the Federal Drug Administration (“FDA’) by the fourth quarter of 2022.
A key element to the Company’s growth strategy is to acquire the rights to or develop existing devices. Large device companies have increased the minimum market opportunity they require in order to commit marketing resources to their products. As a result, there are many products that are unsupported by such companies and are currently scheduled to be phased out or “sunsetted.” Qualis Innovations believes that it can create significant value by developing or acquiring rights to a portfolio of such products, expanding their therapeutic uses and/or markets, improving or enhancing such products and dedicating the appropriate amount of marketing and other resources to maximize the value of the Company’s portfolio.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "beliefs," "estimates," "expects," "intends," " plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
Please visit our SEC filings or Company's website for more information on the full results and management's plan.
John Ballard 303-885-5501