ITGI Medical Ltd. (TASE:ITGI) has signed a further distribution agreement for its animal tissue-coated stent, this time in Russia. The agreement is said to be worth NIS 8.9 million over the next two years. ITGI already has agreements to sell the stent in 12 countries, although there was still no mention of any sales in its financial report for 2007.
ITGI was one of the last companies to float on the Tel Aviv Stock Exchange (TASE) before the financial crisis broke last summer. It raised NIS 25 million at a value of NIS 63 million in its IPO in July 2007 but has seen its value tumble, along with the rest of the market, to NIS 27 million, despite reporting 10 out of the 12 contracts it has signed so far.
ITGI develops animal tissue-coated stents, which can be used as form of patch in the form of a sleeve for damaged blood vessels. It can be used to seal a rupture during angioplasty, stem bleeding in the event of an aneurysm, and isolate obstructive plaque material between the covered stent and the arterial wall during bypass surgery.
ITGI Medical was founded by CEO Efi Argaman, formerly CEO of online sales site Olsale, Zvi Boms, and two Cyprus-based South American entrepreneurs, who engage in the marketing of cardiovascular equipment to Latin America. ITGI's products have been received EU CE Mark certification, but they have not yet been approved for sale in the US.
Published by Globes [online], Israel business news - www.globes-online.com - on April 14, 2008
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