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Investing.com -- Beyond Air Inc (NASDAQ:XAIR) stock jumped 5.1% after the medical device company announced it has secured a national group purchasing agreement with Premier, Inc., one of the largest healthcare improvement companies in the U.S.
The agreement, effective July 15, will allow Premier’s extensive network of healthcare providers to access special pricing and terms for Beyond Air’s LungFit PH system and disposable NO2 Smart Filters. Premier serves approximately two-thirds of all healthcare providers in the United States.
Beyond Air’s LungFit PH platform uses patented Ionizer technology to generate nitric oxide (NO) from ambient air on demand, eliminating the need for traditional gas cylinders. The system delivers nitric oxide directly to ventilator circuits for treating persistent pulmonary hypertension of the newborn (PPHN).
"We are proud to have been awarded this agreement with Premier, expanding access to our LungFit PH system across their extensive network of U.S. hospitals and healthcare providers," said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air.
The LungFit PH system can deliver nitric oxide doses ranging from 0.5 ppm to 80 ppm, consistent with current standards of care. Each Smart Filter provides 12 hours of therapy regardless of ventilator demands and can be replaced quickly to ensure uninterrupted treatment.
The company noted that the agreement was negotiated with support from HealthCare Links, a consulting group specializing in national GPO (group purchasing organization) access.
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