D Medical Industries Ltd. (TASE:DMDC) subsidiary NiliMedix Ltd. has received EU CE Mark Certification to market its multiple-use insulin pump in Europe.
NiliMedix's insulin pumps are smaller and lighter and they break down less as they have no moving parts such as motor, or reduction gear. The company has not yet indicated whether it has a distributor or marketing partner in Europe, and this will probably be the next step. NiliMedix is also moving forward its application to the US Food and Drug Administration (FDA) for approval to market the pump.
NiliMedix's real aim is to develop a disposable version of its mechanical pump. If it achieves this, it will find itself up against a number of competitors, including Medingo Ltd., which recently received $27 million in investment from a group of investors led by Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN). NiliMedix has received a few million dollars in investment so far.
NiliMedix was D Medical's flagship company, but the latter recently acquired another medical device company, Sindolor Ltd. which has developed a syringe for home use that reduces pain and controls the dosage of the injected medication.
D Medical gained 7.1% in trading today on the Tel Aviv Stock Exchange (TASE) giving the company a market cap of NIS 128 million. The company's share has gained 72% since the beginning of the year.
Published by Globes [online], Israel business news - www.globes.co.il - on November 25, 2007
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