Device is Approved for Reimbursement by Medicare and is Supported by Several Private Insurance Providers

FREEHOLD, N.J., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. (“Avalon” or the “Company”) (NASDAQ: ALBT), a developer of innovative cell-based technology, cellular therapy and precision diagnostics, today announced that Laboratory Services MSO, LLC (“LSM”) has begun manufacturing the GeeWhiz External Condom Catheter, a patented, FDA-registered, in-market, male incontinence device. LSM plans to launch its sales of the GeeWhiz External Condom Catheter in the third quarter of 2024. Avalon owns a 40% interest in LSM.

According to Grand View Research, the global male urinary incontinence market size was valued at $6.37 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.87% from 2023 to 2030. The market is expected to grow steadily due to the increasing prevalence of incontinence, an aging population, and advancements in product technology. This growth reflects a broader awareness and demand for effective management solutions for urinary incontinence among men.

“We are thrilled to introduce the GeeWhiz External Condom Catheter to the market in the anticipated upcoming launch,” stated David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon GloboCare. "The GeeWhiz External Condom Catheter represents a significant advancement in managing male incontinence. Not only is this device FDA-registered and approved for reimbursement by Medicare, but it is also supported by several private insurance providers.”

“The GeeWhiz External Condom Catheter is meticulously engineered to address the needs of men with urinary incontinence and bladder control issues. Its innovative design aims to provide enhanced comfort, security, and ease of use, ultimately improving the quality of life for users. We are confident that this product will meet a critical need in the market and deliver substantial benefits to patients and healthcare providers alike. The anticipated upcoming launch of GeeWhiz underscores our commitment to advancing healthcare solutions and expanding our impact in the medical device industry,” concluded Dr. Jin.

About Avalon GloboCare Corp.

Avalon GloboCare Corp. (NASDAQ: ALBT) is a commercial stage company dedicated to developing and delivering innovative, transformative, precision diagnostics and clinical laboratory services. Avalon is working to establish a leading role in the innovation of diagnostic testing, utilizing proprietary technology to deliver precise, genetics-driven results. The Company also provides laboratory services, offering a broad portfolio of diagnostic tests, including drug testing, toxicology, and a broad array of test services, from general bloodwork to anatomic pathology, and urine toxicology. For more information about Avalon GloboCare, please visit www.avalon-globocare.com.