HOUSTON, July 26, 2023 (GLOBE NEWSWIRE) — Nexalin Technology, Inc. (the “Company” or “Nexalin”) (Nasdaq: NXL; NXLIW) today announced the formation of a new division, to be called “Nexalin America,” aimed at fostering relationships within the U.S. Department of Defense, U.S. Department of Veterans Affairs, and U.S. Department of Health and Human Services. Nexalin America will focus on engaging and collaborating with these U.S. government agencies in order to enable their personnel to have access to, and benefit from, Nexalin’s non-invasive, frequency-based, deep-brain stimulation devices. Nexalin anticipates the U.S. government’s use of its groundbreaking technology to treat PTSD, traumatic brain injury, anxiety, depression, insomnia and other targeted indications.
As part of its strategy in forming Nexalin America, the Company also announced that it has retained industry and government affairs veteran, Ryan Kane, CEO of RK Strategies, Inc., to support and lead “Nexalin America.” Mr. Kane brings years of experience in developing and bolstering U.S. government partnerships on behalf of clients operating at the intersection of military, healthcare, and biodefense, including advocating on their behalf before the Department of Defense, the Department of Health and Human Services, as well as Congress and the White House. These efforts have also extended internationally, across Europe, Israel, the UAE, and South Korea. Previously, Mr. Kane worked for two U.S. Senators, five Members of the U.S. House of Representatives, and a Governor, with all of whom he maintains close relationships.
Mark White, CEO of Nexalin Technology stated, “We are proud to announce the formation of Nexalin America to capitalize on the traction we are gaining within the military and various agencies of the U.S. government. We now have a growing body of clinical evidence supporting Nexalin’s new advanced 15 mAmp waveform and look forward to sharing some of this data at the upcoming 2023 Military Health System Research Symposium (“MHSRS”). We believe our innovative technology has an important role to play in supporting both active military personnel and veterans, many of whom suffer from mental health illnesses and the effects of traumatic brain injury. Moreover, we believe our technology offers an attractive alternative or supplement to traditional medications, which are often ineffective and may have significant and undesirable side effects.”
“I am honored to work with Nexalin to help advance commercialization of the technology and support this expanded initiative within the government,” commented Mr. Kane. “I look forward to leveraging my deep relationships and experience, including the military, healthcare, and veterans affairs sectors, as we pursue collaborations within the U.S. government. Nexalin has made tremendous progress over the past year as evidenced by a growing body of clinical trials that support the efficacy of the device. We have already identified a number of opportunities, including potential avenues for non-dilutive funding. Moreover, we look forward to kicking off these activities in full force at the upcoming presentation at MHSRS in August, as part of the public launch of our U.S. government initiatives.”
About Nexalin Technology, Inc.
Nexalin designs and develops innovative neurostimulation products to uniquely and effectively help combat the ongoing global mental health epidemic. All of Nexalin’s products are non-invasive and undetectable to the human body and were developed to provide relief to those afflicted with mental health issues. Nexalin utilizes bioelectronic medical technology to treat mental health issues. Nexalin believes its non-invasive, frequency-based, deep-brain stimulation medical devices can penetrate structures deep in the mid-brain that are associated with mental health disorders. Nexalin believes the deeper penetrating waveform in its Gen 2 and Gen 3 devices will generate enhanced patient response without any adverse side effects. The Nexalin device was recently approved in China by the National Medical Products Administration (NMPA) for the treatment of insomnia and depression. Additional information about the Company is available at: https://nexalin.com/.
This press release contains statements that constitute “forward-looking statements,” These statements relate to future events or Nexalin’s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that Nexalin or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or Nexalin’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Report on Form 10-K for the year ended December 31, 2022 and other filings as filed with the Securities and Exchange Commission. Copies of such filings are available on the SEC’s website, www.sec.gov. Such forward-looking statements are made as of the date hereof and may become outdated over time. Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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