Biomedix unit Endogun signs German distribution deal

The incubator also announced that Teva has ended its cooperation agreement with Novotyr Therapeutics.

Biomedix Incubator Ltd. (TASE:BMDX) portfolio company Endogun Medical Systems Ltd. has signed its first distribution agreement in Germany for EndoFast Reliant, its minimally invasive surgical soft tissue fastener for pelvic organ prolapse.

Endogun's tissue has obtained both US Food and Drug Administration (FDA) and EU CE Mark certification. The company added that it expects to sign distribution agreements for its product in France, Italy, the Netherlands, Spain, and other European countries by the end of the year. The company has also begun negotiations on distribution agreements in the US.

Endogun added that it plans to begin marketing of the EndoFast Reliant system for the treatment of Stress Urinary Incontinence in women in 2010.

In a separate development, Biomedix announced that Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has ended its cooperation with portfolio company Novotyr Therapeutics Ltd. Novotyr will seek alternative strategic partners. Novotyr is developing inhibitors for the treatment of malignant and non-malignant tumors.

Both Endogun and Novotier are based at the Meytav Technological Enterprises Innovation Center Ltd. in Kiryat Shmona in the northern Galilee. Biomedix's share rose 7.6% by mid-afternoon to NIS 1.57.

Published by Globes [online], Israel business news - - on August 9, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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